Best Places to Find Tenants for Your Rental

Best Places to Find Tenants for Your Rental

Landlords need tenants and tenants need landlords, but finding each other can sometimes be a challenge. Fortunately, landlords have numerous good options for finding prospective renters for their properties when they have vacancies to fill.

The internet offers a goldmine of opportunities, and the value of word-of-mouth recommendations can't be overlooked.

Rental Websites

You can advertise an apartment for rent at numerous sites online, and many of them are free. Some websites allow tenants to narrow their searches based on area, price, and the number of bedrooms and baths. Others offer some nice perks for landlords.

Social Media

Millions of people use social media sites as a matter of daily routine. Create a Facebook page, an Instagram account, and a Twitter account for your company if you have one. Otherwise, use your personal accounts to let people know you have a property for rent. You can list your property on Facebook Marketplace, post a status update on your account, post a photo of the rental on Instagram, or send out a tweet to your followers via Twitter.

The Newspaper

The newspaper can still be a viable option for advertising your rental, depending on the area of the country where your property is located.

You'll want to advertise your vacancy on weekends, and on Sundays(in particular) because this is when newspapers see the most traffic.

Rental ads in newspapers are tiny, so you'll only have a few lines to make your property stand out. Use abbreviations for words like bedroom (BR) and washer/dryer (W/D) to save space. Placing an ad in the newspaper will cost a little, but it's a good way to increase exposure for your property.

Local Bulletin Boards

Put up flyers for your rental in the community where your property is located. This can include colleges, grocery stores, places of worship, community centers, laundromats, and bus stops. People will be passing by the flyer quickly, so use a bold headline and large color photographs to catch their attention. Include tear-offs with your contact information on the bottom of the flyer so people can grab them on the run.

Word of Mouth

Don’t underestimate the power of the spoken word. Let current tenants know that you have a vacancy. They might have a sister, cousin, or brother who's looking for a place to live. Tell everyone you know that you have a property for rent. Always have flyers with you so you can hand them out if the opportunity presents itself. You can even offer a referral fee to give a greater incentive.

Post a "For Rent" Sign at the Property

Many tenants move to a new property within their current area. Posting a "for rent" sign will catch this type of renter, and others who are passing by might be interested or might know of someone who's looking to rent in the area.

Pass the Responsibility to a Realtor

Brokers typically charge a commission of about one month’s rent for their services, and sometimes more, so this might be the last resort. It might be the most expensive way to advertise your property but look at the bright side. It can save you a lot of the hassle and headaches that come with dealing with prospective tenants yourself.

Respond Promptly to Prospective Tenants

Respond to prospective tenants immediately. You can set up a free Google Voice account which will assign you a phone number that can be set to ring to your existing phone lines if you don't want to give out your personal number.