Having an unrented property is among the major fears of every landlord. When there’s an existing high vacancy rate that lasts for a while, you probably won’t be able to pay for your mortgage loans and you can bid farewell to your investment property. Ideally, you would want a good tenant with a long-term lease agreement. However, things like this can’t be realized all the time. Luckily, there are some significant actions and projects you can take to help reduce the vacancy rate of your rental property. Read on to find out how:
If you have very old appliances, make sure to go straight ahead to the closest local appliance store and update all of your outdated appliances right away. Stainless steel appliances, sufficient bench, and storage space are some of the best features that can surely attract a prospective tenant. Moreover, consider some of the basic living essentials nowadays, such as air conditioners and dishwashers. Do not be stingy on giving your potential tenants with the important necessities.
Do regular maintenance and timely repairs
Old and busted does not really do well in the description of the advertisement. Tenants usually want to rent a property where keywords such as “contemporary,” “modern,” and “new” are utilized. Moreover, anything that’s apparently in bad or broken condition will only make you look cheap. Conducting regular maintenance and repairs on your investment actually just costs some money, however, it can possibly save you tons in the long term.
We know that it’s superficial and cosmetic, however, first impressions and appearances actually matter, and no one would like to live in a dump. Hence, never anticipate potential tenants to fall in line for your rental unit when it looks a bit worse for wear. Does the property require some improvements? Here are some ways to keep up your property’ curb appeal:
Connect the power to the property so it won’t look uninviting and dark.
Remulching the garden beds
Moving, weeding, and pruning the lawn
A coat of paint
Cleaning out gutters
Guarantee that the yard and house are in great condition before taking photos for advertising purposes.
Estimate and research about the local rent prices
To be informed regarding the changes in your local market can help you save weeks of unpaid rent because of a vacant property. Checking online is the best way to do this at what similar properties within your place are renting for. Determine how much your competitions are charging. By doing this, you can provide your tenants a greater deal, leading them to stay in your unit. Also, make sure to look for a company that offers property management near me and hires a property manager who can help you with your responsibilities in dealing with the tenants and the activities that must be done in a rental property. Once you get one, discuss to them about whether your price is reasonable enough to contribute to an increased vacancy rate or not.