In much of the country, winter brings with it a slow season for many rental property owners. Many tenants opt to hunker down during the cooler months. So, if you have vacancies, they’ll likely be much harder to fill in the short term.
One proactive way to avoid this kind of vacancy loss is to keep your current tenants from leaving during the winter season. In this article, we provide tips to avoid residents wanting to break their lease in the winter months, and tricks to market your property if you do run into vacancies!
Keeping your rental in tip-top shape is essential in maintaining tenant satisfaction throughout the winter, and avoiding anyone breaking their lease agreement. Ensure that routine winter maintenance on your HVAC system is completed well before the cold weather sets in. This not only extends the life of the system, but also ensures that the heating system is working properly — avoiding emergency situations that could frustrate tenants to the point of leaving your property for another. Additionally, if you are located in an area with freezing temperatures, it’s a good idea to inspect the water heater to make sure it’s functioning properly, preventing potential water-related issues.
For example, a broken pipe can cause severe water damage that requires a resident to be displaced while the issue is resolved. Rather than moving into a hotel while your maintenance team works to restore their apartment, the disgruntled resident may opt to move to a different community altogether. While not every emergency is avoidable, it’s important you don’t skip routine property maintenance on essential equipment, as you may be able to prevent a small issue from turning into a major emergency.
Upgrade Your Maintenance Ticketing System With AI
One way to ensure that you has enough bandwidth to complete proactive maintenance tasks is by automating administrative work. With a ticket intake and AI triage system like ApartmentAdvisor ASSIST, you save at least 15 minutes per ticket submitted — and often more. Because our ASSIST AI system hops in the moment a resident submits a request to ask follow up questions, gather information and photos, and offer potential resolutions, you have more time to focus their efforts on extending the life of your properties.
Even with the above measures in place, maintaining full occupancy in winter is not always avoidable. If you do run into vacancies, it’s important you try to backfill them swiftly. To encourage potential tenants to commit to a lease quickly.
Offering special incentives can be a powerful tool, especially in the winter months which can be a less desirable time to move. Consider providing immediate move-in discounts, such as reduced rent or first month free, free covered parking, or reduced utility costs. You may also choose to highlight amenities and services like free snow removal at your property. These incentives not only create a sense of urgency but also add value for potential tenants, making your property stand out to qualified tenants ready to commit to a lease.
Winter weather can deter prospective tenants from scheduling in-person viewings, especially in areas with harsh winters. Combat this by offering virtual tours, such as Matterport or providing high-quality photos and videos of your property. Make sure your online listings include floor plans, amenities, and close-up shots of key features. Virtual tours and online lease signing allows tenants to view and sign for the property from the comfort of their own home and increase the likelihood of securing a new tenant quickly and reducing vacancy rates.
You can also opt to use a smart, AI and automation-driven tool like ApartmentAdvisor ASSIST to list your units. ASSIST allows you to syndicate your units to all major listing platforms for free, guaranteeing visibility. Plus, the AI-enabled system will also respond to all leads as soon as they inquire on a unit — asking FHA-compliant screening questions and even scheduling a tour based on your availability. Our data indicates that the sooner you respond to a lead, the more likely they are to close.
While winter can be a slower season for property management companies, there are several ways to avoid vacancies and fill them quickly if they do arise. By maintaining your real estate property well, offering flexibility to tenants, enhancing security, marketing effectively, and offering incentives, you can keep your rental property occupied and continue to provide tenants with the comfort and peace of mind they need during the winter months. With the right strategy, you can minimize vacancies and keep rental income steady year-round.