Rental property vacancies lead to a host of issues for landlords. They result in the rental property not bringing in any income, while it continues to bring in a large array of expenses. Having a vacant rental property for an extended period of time can be incredibly economically devastating. Here are a few tips for reducing the likelihood of vacancies with your rental property.
Keep Tenants on the Property
When you make tenant satisfaction a priority, you will be more likely to keep tenants on your property long term. This can significantly help to reduce vacancies from occurring. Be proactive with your tenants. Respond quickly to any of their requests and ask them if they intend to renew roughly 90 days before the lease is up. Provide regular maintenance and updates to the property to ensure that they remain satisfied.
Improve Curb Appeal
First impressions will have a huge impact on whether tenants want to rent your property. Ensure that the landscape is well-maintained. Consider obtaining a new paint job for the exterior of your building, as well as upgrading the front door.
Research the Market
It is vital that you charge rent prices that are consistent with those in your area. Charging too much will inevitably result in losing tenants and having difficulty filling the rental property. Charging too little will make it difficult to offset the expenses associated with owning property. Keep your prices consistent with the average.
When you don’t screen your tenants, it is far more likely that you will end up with a problematic tenant. It can certainly be tempting to skip this process, especially when trying to quickly fill a vacancy. Ultimately, screening your tenants can save you a substantial amount of money and stress over time.
Vacancies are never easy for landlords. Taking the steps to reduce vacancies can make your processes far easier and more profitable. To learn more about reducing possible vacancies, contact our expert team at the Keyrenter in East Bay today!