Palm Desert is a bit different from a lot of real estate and rental markets that other investors might be involved with. Not only is this area a popular destination for tourists and short-term visitors, it’s also a growing city for long-term residents who decide to stay. This creates a lot of opportunities for landlords and rental property owners.
The market is unique and the rental properties here are diverse.
You need to be prepared to stand out in this competitive market. Why should tenants choose your property over all of the others that might be available?
There are plenty of things you can do to make your rental home more appealing. One of the most effective ways to attract potential tenants is to offer innovative lease terms that provide flexibility, value, and tailored solutions to tenant needs.
Tenants are looking for different things these days, and as Palm Desert property management experts, we’ve come to see the importance of offering creative leasing strategies. Let’s talk about how to make your Palm Desert rentals the obvious choice for high-quality renters.
Palm Desert’s Rental Market
Why is it so important to offer flexible and creative lease terms to your Palm Desert tenants?
Because, as we said, this is a unique market. You might have vacationers looking for a one-month rental that’s furnished. You may be renting to part-time residents who travel in from colder climates for the entire winter season. You might also have those long-term leases; tenants who are trying to find a home for a year or longer. When you can tailor lease terms to fit diverse tenant needs, you have a better chance of keeping your rental properties occupied.
It’s vital to understand the demographics in Palm Desert. You will get a good mix of seasonal visitors, retirees, and working professionals. With the growth of remote work, you might find digital, at-home workers looking for more space and privacy while they flee the larger cities where they once had to work. Get to know who wants to rent homes in Palm Desert. This will help you decide what to offer.
Timing: The Benefits of Flexible Lease Durations
Palm Desert's seasonal appeal brings a number of prospective tenants looking for short-term rentals. You’ll need to decide if you want to rent out your property in the short-term or for the long-term. There are benefits and challenges to each kind of lease.
Whatever you decide, there are some good reasons to offer a variety of lease durations. Short-term leases are longer than typical vacation stays of a few nights or a couple of weeks. They can be month-to-month arrangements, three month leases or six month lease durations. You could also continue to offer a long-term lease with added benefits or incentives. For example, maybe someone wants to move into your property for the long term, with all of their own furniture and belongings, but they’re not sure they’ll be there for a full year. You can offer a nine-month lease agreement with the option to renew for another three months or another full year.
When you provide variable leases that correspond with the seasons, you’ll find you can cater to a larger pool of potential renters. You’ll also be demonstrating to prospective tenants that you’re willing to consider their needs and preferences. This sets you up for a good relationship going forward. You might even find that some tenants want a longer lease term. Maybe you can sign an 18-month lease or even one that covers two years or more. This will create some extra stability for your investment, and give you a clear idea of what you’ll be earning over those years.
Include Extra Services and Amenities
An especially innovative way to make your lease agreement attractive to Palm Desert tenants is to include things that are not normally found in residential leases, especially those long-term lease agreements. Go beyond the basics and consider bundling services and amenities into the lease, which increases the value of what you have to offer. You might include:
- Utilities included lease packages and rental amounts
- High speed internet
- Complimentary cleaning services at regular intervals
- Memberships to local golf courses or clubs
- Access to on-site recreational facilities or pools
- Offering furnished rental options for an additional fee
You’ll definitely stand out as a property that offers something extra when you can provide something extra.
Customization of Space
Allowing tenants some flexibility to customize their rental spaces to feel more like home can be a significant selling point for landlords and rental property owners. You don’t have to let them do whatever they want, but with the right guidelines in place, this can be a win-win for both tenant and landlord. Provide pre-approved options for wall colors or installations, for example. Or permit customization of outdoor spaces, like personal gardening areas for green-thumbed tenants or those who imagine a garden of bird feeders.
Renting Should be Convenient
Don’t make things more complicated for your tenants than they need to be. When you’re willing to offer conveniences such as online rental payments, digital lease signings, and electronic ways of reporting maintenance needs, tenants feel more supported and at ease. They get to enjoy the privacy of their own home without constant visits from their landlord or endless phone calls about repairs and rental payments. Allow for online rent payments and repair requests. Make your property pet-friendly. Conveniences such as these go a long way in attracting and retaining good tenants.
Innovation does not stop at property features. It extends into the leasing terms you offer. By implementing inventive lease terms and staying attuned to the unique needs of your Palm Desert tenants, you can not only attract but retain satisfied occupants and secure your rental property’s success.
This approach requires ongoing evaluations. Talk to your tenants and ask for feedback. Look for ways to consistently improve your property and the experience you’re providing to your residents.
Work with a Palm Desert property manager, too. We can help you deliver innovative leasing solutions and exceptional property management. Contact us at Xepco Properties.
