Alexandria, VA, continues to make waves, having made Southern Living Magazine's 2024 list of The South's Best Cities, according to Patch.com. It also made the same magazine's "South's Prettiest Cities" and lists from Fortune, Money, and Travel + Leisure.

All those positive rankings will surely help Alexandria grow and attract new residents. So, if you've invested in a rental property here, it was a wise move, as more new residents mean more potential tenants.

However, failure to implement effective and creative rental leasing strategies may make securing and retaining tenants difficult.

Don't worry; the Century 21 Accent Homes team has your back. Read on for rental property management tips to minimize vacancies and make tenants happy and willing to renew their leases.

Market Your Alexandria Property as Pet-Friendly

The Insurance Information Institute (III) reports that 66% of American households are pet owners. Many of these families are renters.

Most pet-owning households also consider pets as family. Pew found that nearly all surveyed pet owners in the U.S. (97%) think of their pets as family members. Over half the polled participants even said their pets are as much a household member as their human counterparts!

Considering those statistics, it would be in your best interest to be just as welcoming to animals as to their humans.

Benefits of Allowing Pets in Your Rental

You expand your tenant pool by welcoming pets on your Alexandria property. It can also help you find and place renters sooner.

After all, despite high pet ownership rates, many rental housing options still have no pet policies in place. So, by welcoming furry family members to your rental, you'll likely get more prospective tenant applications.

Another perk of having a pet-welcoming rental is an increased likelihood of renewed lease agreements. As mentioned above, not all rental properties accept animal companions, resulting in many pet-owning renters having difficulty finding housing that will allow their pets. So once they find one (i.e., your property), they'll likely want to stay for the long run rather than face the challenge of looking for a new pet-friendly rental.

Tips for Marketing Your Pet-Welcoming Rental

One of the most creative ways to market your Alexandria property as pet-friendly is to use descriptive language when creating listings and descriptions. For example, you can use terms like pet-inclusive, pet-loving, pet-welcoming, and pet-accommodating. Include one of these terms on the listing title (e.g., "Pet-welcoming 2-BR apartment in Alexandria, VA, with amazing Potomac River views).

Another strategy is to upload high-quality photos that highlight your property's pet-friendliness. Examples include a pet relief area, a waste station, a play area, and pet-friendly flooring and seating. It's also best to have an actual pet in the photos (if you don't have one, chances are, you have a family member or friend who does).

Offer a Tenant Benefits Package

A tenant benefits package is a collection of value-added perks and services that landlords offer residents on top of the lease agreement. They aim to enhance the overall appeal and value of the property, encouraging tenancy and lease renewals.

What to Include in the Package

You can customize the package based on your tenants' unique needs and preferences. If you don't have time, consider partnering with professional rental management and property leasing services like Century 21 Accent Homes. We offer resident benefits packages with features including but not limited to:

• Online tenant portal where renters can make online payments, file maintenance requests, and receive/access electronic payments
• Free credit reporting for tenants
• Round-the-clock maintenance hotline
• Live phone support
• Quarterly delivery of high-quality HVAC filters
• Utility concierge service
• Identity theft protection

How a Tenant Benefits Package Helps With Occupancy

Offering a tenant benefits package can make renters feel more valued and appreciated. It helps boost their satisfaction and loyalty, making them more likely to renew their lease and stay in your rental for extended periods. All these can then contribute to higher retention rates and fewer, shorter vacancies.

Run Move-in Specials

Rental move-in specials can help enhance your property's attractiveness and boost applications. You want more applications since they give you more options, increasing your likelihood of finding the best fit. More applicants also raise your odds of filling your property sooner and shortening vacancy periods.

Here are some ideas for move-in specials.

Rental Discount for Long-Term Leases

Offering a 50% rental discount for the first month may seem like a huge profit loss. However, this can work wonders for long-term lease agreements (e.g., 12-month lease), especially if:

• Many rental properties comparable to yours are also vacant
• It's winter, which is when fewer people move due to poor weather conditions
• Your property has been vacant for weeks, even months

Think about it. Would you rather have your property stay vacant longer and not earn you anything or let go of half of a month's rent but secure the rest of a 12-month lease?

Offer a Temporary Security Deposit Reduction

Under Virginia Code § 55.1-1204, landlords can require tenants to make a security deposit with a maximum amount equal to two months of rent. So, if your monthly rent is $1,500, you could set your security reposit requirement at $3,000.

Now, put yourself in the shoes of prospective tenants. How would you feel if you had to shell out $3,000 on top of your monthly rent? Not good, right?

So, consider offering a lower security deposit for the first few months of the lease agreement. It can attract more potential tenants and secure them in the long term.

Keep These Rental Leasing Strategies in Mind

Welcoming pets, providing a tenant benefits package, and running move-in specials are all effective rental leasing strategies that can help boost occupancy rates and minimize vacancies. So, include these in your landlord's toolbox to get those applications and lease renewals rolling in.

Century 21 Accent Homes is at your service if you need expert guidance and assistance. We're a family-owned and operated full-service property management company that has served Alexandria, VA, since 1972. From marketing to tenant screening, lease enforcement, renewals, and eviction protection, we specialize in all these and more.

Connect with us today to request your free rental analysis and learn how we'll use our 50+ years of experience to help boost your rental income!