For a rental property owner or a property manager, the goal is to keep a property occupied and generate a steady income. In this article, we’ll discuss how to avoid long vacancies in your rental property, so you won’t have to worry about the rent being paid or the building sitting empty too long.
Offer Extra Amenities
Anything that makes your rental stand out from the others is helpful. Even the smallest amenity makes a difference in attracting renters. The following is a list of amenities that attract renters:
- Washer and dryer
- Pool passes
- Motion sensor lights outside
- Alarm system
- Garbage disposal
Pay Some Utilities
If you find it difficult to fill vacancies, consider paying the utilities that nearby rentals aren’t paying. Renters shop around, and if they can save a little at your place, they’ll strongly consider it. Utilities you may pay are electric, water, waste management or cable.
You aren’t likely to find a tenant eager to renew a lease if you are late at making repairs in the rental. Always prioritize repairs and keep the rental safe and clean to maintain your current renters and attract new ones.
Treat Tenants Well
Referrals work well in any business, including the rental business. Treat tenants well so they’ll happily refer friends and family to your building.
Say hi when you see your tenants, keep the building well maintained and be understanding when tenants have issues.
Prepare Your Property
If this is your first time renting out a home, have you taken the necessary steps to prepare the home to rent? Most homes don’t come rent-ready. Renters have different needs and wants than homebuyers do. Make sure the home is ready so when a renter comes along, they don’t have to wait.
We hope our tips on how to avoid long vacancies in your rental property come in handy as you seek to keep your rental occupied. Remember, maintain the building, treat tenants with respect, offer amenities and prepare the rental before you seek renters.