Tip 1: Offer Discounts in Exchange for Market Rate Rent
Tenants will expect a discount to live in a construction zone, so the first year's rent in a brand new community will be lower than the actual market rent of the property. For example, if the market rent should be 1,850 per month but you are only getting takers at 1,750, offer the first month at 50% off and 1,800 per month after that. This works out more or less the same for the renter and gives them a reason to choose your property over most others. Additionally, when you raise the rent in year 2, you are raising it from 1,800, not 1,750. A 5% increase will get you to 1,890 in year 2.