Rental properties are high in demand in Houston, Texas. By turning your home into a rental, you can earn a steady cash flow. Additionally, you can benefit from long-term property appreciation. The value of your home will grow steadily over time, providing you with a hedge against inflation.
As the rental demand has grown all across Houston, so has the number of rental properties in the city. As of today, thousands of properties are up for rent in this city.
With so many options to choose from, it can be extremely difficult to gain visibility and find quality tenants.
In this article, the team at Real PM Prestige will share the best strategies for advertising a rental property in Houston and finding quality renters. Let’s dive in!
Familiarize Yourself with the Local Rental Laws
You should research and understand the local landlord-tenant laws before even thinking about listing your home for rent.
After all, you must ensure that your property complies with any necessary building and safety codes. Otherwise, you run the risk of being reported for renting a property in unsuitable conditions, which can result in costly fines and lawsuits.
Another key set of regulations you should keep in mind when advertising a rental property is fair housing laws. The Fair Housing Act protects tenants from being discriminated against based on their race, color, religion, sex, national origin, disability, and family status.
To comply with fair housing laws, your property listing and all marketing materials should not include discriminatory language, such as: “Seeking young professionals only; no families, disabled individuals, or people of certain nationalities allowed to apply for this rental.”
Ensure Your Property Is In Good Condition
The condition of your rental is one of the first things tenants will take into consideration when deciding whether to rent out your property.
A poorly maintained property will deter quality tenants, leading to higher vacancy rates and turnover costs. Additionally, dissatisfied tenants may leave negative reviews, damaging your property’s reputation and making it harder to attract new renters.
Before listing your Houston home for rent, you must ensure it is in good condition. Start by inspecting the property to spot any issues that require your immediate attention, such as leaks, cosmetic issues, and major repairs.
Then, focus on upgrades or renovations to help improve the aesthetic appeal of the property, such as refreshing the curb appeal, painting the walls, or installing new fixtures. Even these simple changes can make your property much more attractive to prospective tenants.
Set Competitive Rental Rates
The price of your Houston home will play a crucial role in its profitability. Overcharging can drive prospective tenants away, leading to longer periods of vacancy.
On the other hand, undercharging can leave you with a negative bottom line, as your earnings may not be enough to cover your operational expenses. Plus, you run the risk of attracting unsuitable tenants who won’t take good care of your property.
In order to set a competitive price for your Houston rental, you must research the local market and current demand trends. Browsing real estate websites is a great way to understand the price range other landlords in your area are operating on.
Invest in Quality Photography
A listing with no pictures will raise red flags, making tenants think the property is in bad shape or the listing itself is a scam. On the contrary, a listing with qualified pictures will generate more engagement, increasing your chances of attracting quality tenants.
The good news is that you don’t need to hire a professional photographer for your rental listing. With a smartphone, good lighting, and adequate staging, you can take professional-looking pictures for free!
Write an Attractive Rental Listing
There’s nothing more annoying than browsing rental listings online and coming across entries with few pictures and almost no information about the property. If you want to attract quality tenants quickly, then your listing must be engaging and informative.
Your listing should include key information about the property, including its location, price of rent, number of bedrooms and bathrooms, amenities, and most unique features.
Additionally, it’s important to highlight the things that differentiate your property from the rest. By using positive language and being transparent from the start, you’ll be able to attract quality tenants more easily!
Use a Variety of Marketing Strategies
You should post your rental listing across as many popular websites as you can and update your listing regularly to give your property more visibility. Additionally, it’s a good idea to advertise your property on social media and local real estate forums.
Placing a “For Rent” sign on your front yard, posting an ad in your local newspaper, or hosting open house events can help you attract tenants who don’t use social media or are more traditional.
Partner with a Property Management Company
Successfully advertising a rental property requires deep marketing knowledge, a sound understanding of market trends, and around-the-clock availability to respond to inquiries, update listings, and conduct property showings.
If this sounds overwhelming, you should consider partnering with a property management company. A seasoned company like Real PM Prestige can help you attract a wide pool of prospective tenants quickly with a tailored marketing strategy.
Bottom Line
Reportedly, over 40% of occupied housing units in Houston were occupied by renters. As the rental demand in the city has grown, so has the number of rentals in the area. This has made it incredibly difficult to attract quality tenants.
However, by ensuring your property is in good condition, setting competitive rental rates, and drafting an engaging listing, you’ll be able to attract a wider pool of tenants in no time!
If you need further help advertising your Houston rental, contact Real PM Prestige!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.