5 Expert Tips for Finding Tenants for Your Tampa Rental Property

Property management quiz time! What is the one thing your rental property can’t succeed without?

A. Reliable and qualified tenants

B. A hot tub

C. Keyless entry door lock

If you chose A, you’re correct! While a hot tub and keyless entry door lock are appealing amenities, reliable and qualified tenants are the one aspect your rental property cannot succeed without. Although finding tenants may sound simple, it is essential to prioritize placing tenants that meet a specific criteria to ensure their financial and rental responsibility.

As a professional Tampa property manager, I know finding reliable tenants can be challenging and even frustrating. Your rental property asset deserves to thrive, so here are my 5 expert tips to finding tenants for your Tampa rental property!

Accurate Rental Price

The amount of traffic and applicants your rental property receives directly correlates to the condition of the rental market and how you adapt your property’s rental price. One of the most important factors of your rental property listing is the rental rate; you never want your rental property to be an outlier when it comes to pricing.

As a rental property owner, being reasonably flexible with your rental property pricing will increase your chances of finding a suitable tenant. If you evaluate the last couple of years of the Tampa rental market, you’ll notice significant price fluctuations; this is normal for a growing city like Tampa. There are several factors that contribute to the state of the Tampa rental market, including population growth, increase in rental construction, and significant infrastructure improvements. While Tampa continues to evolve, it’s essential to keep up with the ever-changing rental market to ensure your property is priced correctly to attract and retain tenants.

In addition to market conditions, the price of your property depends on a number of factors, including:

Location
Size
Condition
Number of bedrooms and bathrooms
Features and amenities (in-unit and community)
Outdoor spaces

Tenants usually have a budget in mind; they know what they can afford and are often familiar with the prices of comparable properties in the area. A property that’s price strays higher than its competitors will typically get less traffic and deter renters who have the ability to find a similar but lower priced property.

CLICK HERE to get a FREE in-depth rental price analysis from our professional property managers here at The Listing Real Estate Management!

In-Depth Listing Description to Attract Tenants

A property’s listing description plays a vital role in attracting tenants. While photos and videos are essential to an online listing, the description informs the prospective tenant of what exactly to expect from the property. According to a study done by Apartments.com, 99% of renters want to see unit-specific information in the property listing. With information so easily accessible online, renters expect much more than just the address and number of bedrooms and bathrooms. In this day and age, few people have time to waste; if your property description’s vagueness does not align with a renter’s desires, they will likely move on to the next.

The listing description should include as much information as possible about the property, including:

Location
Size (sqft.)
Bedrooms and bathrooms
Condition
Date available and lease length
Utilities information
Parking
AC / heating information
Additional fees
Smoking restrictions
Community or HOA amenities
Unique rules or regulations

Your listing should specify what is included in the rent, and what makes the property appealing. My pro tip is to think of something your property offers that other properties might not have and use it as a selling point. Whether it’s included lawn care, a community gym, or brand new granite countertops, it’s essential to highlight unique and attractive features in your listing.

With that being said, what you should NOT do is fabricate your property listing description to attract more applicants. While your listing description should be thorough and appealing, falsifying your property description, or intentionally leaving out information, will create unrealistic expectations and end up driving potential tenants away.

It is vital to add all unit amenities and specifics about your property. Many prospective tenants will use filters in their property search. To ensure your property comes up as a match, include all unit specifics that tenants may be searching for.

Some popular filters include:

Pet-friendly
AC
Pool
Hardwood floors
Utilities included
Outdoor space
Apartment community

Failing to specify unit specifics or amenities can hinder its searchability and may not show up when tenants apply certain filters.

Rental Property Upgrades and Upkeep

Rental property upgrades are a common tactic to add appeal to your property and increase the chances of finding a high quality tenant. While upgrading your property can turn into a hefty expense, so can months of vacancy as a result of outdated property features. Upgrading property features will boost tenant attraction and retention, leading to long-term success and return on investment. Meanwhile, choosing not to upgrade your property may lead to long-term vacancy and significant financial loss.

Tampa continues to see an immense increase in residential development, including a 50 acre mixed-use development, Gas Worx, which offers residents a unique luxury living experience. The presence of thousands of luxury units throughout the Tampa Bay Area has shifted renter’s preferences and expectations. To adapt to the preferences of Tampa renters, it is essential to evaluate your property in comparison to similar properties in the area. What do they have that your property doesn’t? Is it possible to adapt your property to similar stature of your competitors?

Depending on the condition of your property, upgrading does not always call for a complete renovation. In some cases, a new paint color can change the overall appearance and ambiance of your property.

If finding tenants becomes difficult, some features to consider upgrading are:

Fresh paint:

When choosing a paint color for your rental property, it can be difficult to put your personal preferences aside. While you may personally like dark green or bright blue, it’s better to steer clear of abstract colors. Neutral and light colors like white, cream, or gray create a clean and modern look; a popular preference amongst renters. Incorporating colors may deter tenants with certain color aversions.

New Appliances:

Your rental property’s kitchen appliances should be fairly new and in operating condition. For optimal tenant interest, your kitchen should be cohesive, meaning your appliances should match to create a visually appealing and inviting space.

Because of its durability and polished look, the most popular and preferred appliance finish is stainless steel. The durability of stainless steel appliances makes for the most optimal choice for a rental property to ensure longevity, tenant attraction, and tenant satisfaction.

New Flooring:

Unless you want to install new flooring with each turnover, rental property floors must have the ability to withstand the normal wear and tear that comes with multiple tenancies. Rental property owners should actively avoid flooring that is easily damaged or stained, especially if your rental property is pet-friendly. With this in mind, I recommend hardwood, luxury vinyl, or laminate flooring. While hardwood can be pricey, it adds significant appeal and value to your rental property, increasing your chances of finding tenants.

Enhance Curb Appeal:

Aside from the price, the exterior of your home is one of the first aspects potential tenants will see and evaluate. Enhancing your property’s curb appeal can make a notable and lasting difference on a prospective tenant’s first impression and interest in submitting an application.

A few simple ways to enhance curb appeal include:

Lawn care (grass, trees, flowers, plants)
Paint the front door or home exterior
Pressure washing the sidewalks, driveway, exterior of the home
Clean the gutters
Rid of any garbage

Not only does enhancing the curb appeal make your property look more appealing, but it also shows that the landlord puts care and attention into the property.

Pet-Friendly Property

Before I try to convince you to allow pets in your rental property, I’ll let the statistics speak for themselves. The Humane Society of The United States reports that 72% of renters have pets. The The American Pet Products Association (APPA) reports that 68 percent of all U.S. households own a pet, equating to 89 million dogs and 94 million cats. In addition, according to Pawlicy, 56% of all Florida households own a pet. Therefore, if you are currently prohibiting pets and having a difficult time finding a tenant, it may be because your tenant pool is only open to that 28% of tenants who do not have pets.

Its common for rental property owners to struggle with the idea of allowing pets if they have never done so before. As a professional Tampa property manager, while I understand the hesitation, I can assure you that allowing pets will significantly increase your chances of finding a tenant. Property owners often worry about potential damage caused by pets, however, what costs more, pet damage or months of vacancy and missed rental income? While carpets can be cleaned and hardwood floors can be sanded and sealed, you can’t get back thousands of dollars in lost rental income.

At The Listing Real Estate Management, our pet owning tenants pay a monthly pet fee of $25 per month. This fee ensures extra funds are allocated towards any potential damage throughout, or at the end of the tenancy.

Pet-friendly rental properties not only open up the tenant prospect pool, but also increase tenant satisfaction and retention. While majority of renters do have pets, it can still be difficult to find pet-friendly properties. If the tenancy goes well, there is a high chance that your tenants would rather renew their lease than search for a new rental property. Its a win-win; your tenants get to stay and you get to earn a continuous rental income for another lease term!

Hire a Professional Tampa Property Manager

A professional property manager is equipped with all of the skills and knowledge necessary to attract tenants. At The Listing Real Estate Management our property managers take the time to educate, align, and guide our clients on a successful property management journey. Part of this is providing property and unit specific recommendations based on our familiarity with local market trends and tenant preferences.

In addition, our in-depth tenant screening process ensures only the most qualified and reliable tenants are placed in your property. While accepting the first application that comes through can be tempting, it is vital to ensure that they are the right tenant. Your tenant should meet a certain criteria to ensure their ability to pay rent on time and in full, have no past evictions, and a clean criminal background check.

Our tenant screening process evaluates the following:

Credit history
Debt to income ratio
Nationwide eviction search
Background check
Income and employment verification
Previous two years rental verification

This thorough process ensures responsible and quality tenants, helps avoid the eviction process, and leads to long-term rental success and increased ROI. The guidance of an experienced professional allows for a stress-free and passive income earning rental experience.

If you’re having trouble finding a reliable tenant for your Tampa rental property, you’ve come to the right place. At The Listing Real Estate Management, we’ve helped secured hundreds of tenants for rental properties in the Tampa Bay and Orlando areas, and we’re here to help you too! Contact us today at The Listing Real Estate Management to get started on your successful rental property journey!

5 Expert Tips for Finding Tenants for Your Tampa Rental Property

Accurate Rental Price

In-Depth Listing Description to Attract Tenants