According to Eviction Lab, Cleveland has 95,834 renter households, each paying an average of around $939 per month.
Strong demand like this creates a high need for homes for rent in the area, especially with more people seeking affordable housing. However, many renters searching doesn't always guarantee strong returns. Without the right strategy, you might miss chances to maximize your ROI.
Poor rental property marketing, high turnover, or underpriced units can cut into your profits. So, what actions can you take to maximize your rental units in Cleveland? This blog shares tips for boosting your rental income.
Set Competitive Rental Prices
Setting the right rent helps attract tenants quickly and keeps your units filled. Charging too much can lead to long vacancies while charging too little lowers your rental income.
To set competitive rental rates, ensure that you:
- Check local rent listings
- Use rental estimate tools
- Compare similar home types
- Factor in neighborhood demand
- Track seasonal price trends
- Monitor citywide rent averages
Review your rental prices periodically to determine when an increase is justified. Consult experts like RE/MAX Haven Realty for professional advice on adjusting your rates. Our free rental price analysis provides an accurate view of market value and cash flow potential, eliminating guesswork and uncertainty.
Screen Tenants Carefully
The right tenant brings peace of mind and fewer problems. Always screen tenants by checking their:
- Credit score
- Rental history
- Income and employment
- Criminal background
- References from previous landlords
A careful tenant screening process reduces the chances of missed payments or property damage. You'll also improve retention, which means fewer turnover costs. Reliable renters across all your units help build steady cash flow and reduce workload.
Keep Your Property Well-Maintained
Well-kept homes attract better tenants and reduce costly repairs. Stay on top of maintenance by doing regular checks and fixing issues early. Respond to tenant requests fast, as it shows you care and helps build trust.
A clean, updated space also boosts your property's appeal. If you're targeting families, this matters even more.
Many renters looking for family homes for lease want safe, reliable places to live. When tenants feel comfortable and respected, they're more likely to renew their leases.
Offer Modern Amenities
Modern features make your homes more appealing and boost value over time. Consider adding:
- Fast internet
- Dishwashers
- Smart locks
- Energy-saving lights
- In-unit laundry
These small upgrades attract better renters and allow you to charge higher rent. Upgrades also strengthen your property portfolio, making each home more valuable and competitive in Cleveland's rental market. Keeping homes updated helps reduce vacancies and increase long-term returns.
Homes for Rent Success Tips for Cleveland Landlords
Getting the most from your homes for rent can be challenging. You may struggle with screening tenants, setting fair rent, or keeping up with maintenance.
Many landlords also find it hard to manage multiple properties alone. You can overcome these challenges by working with a trusted property management team.
At RE/MAX Haven Realty, we bring nearly 15 years of experience managing rentals across Cleveland and Akron. We help landlords boost returns, reduce stress, and protect long-term value. Get in touch to see how we can support your success.
