A big expense for many landlords is tenant turnover. Loss of rent plus the expense of maintenance, repairs, closing costs, and advertising will continue to add up the longer the rental is vacant. Because of this, you want to make sure to reduce vacancies as much as possible. However, you also don’t want to lower your standards and rent to the first person that applies. Here are a few ideas to help you reduce vacancies by keeping current tenants and attracting good tenants that will want to stay.
Be Proactive With Current Tenants
Ask your tenant 90 days before their lease is over if they’re planning on renewing. If they seem on the fence, offer them incentives to stay such as a lower rent increase or updated appliances. If they decide not to renew, this will give you a headstart on advertising and screening for a new tenant to take over the property as soon as they move out.
Keep the Property Clean
A clean property is one that people want to live in. If the common areas are dirty or unkempt, it will give prospective tenants a bad impression of your overall property. If current tenants are causing this problem, set basic rules and regulations for cleanliness of the units and common areas. It may also be beneficial to look at the exterior of your property and paint or powerwash to make the outside of the units look new.
Optimize Your Advertising
Attractive advertisements go a long way to increase your chances of attracting many different kinds of tenants, giving you the opportunity to pick and choose which would be best for your property. When your property is empty, spend the time taking professional photos of the space that can be reused every time the property is vacant. In your listing, point out both the positives and negatives of the property. This way you won’t waste your time showing the property to a prospective tenant only for them to decide that the closets are too small.
Research the Current Market
Check the listing prices of similar properties around your area and be sure that yours aren’t too high or too low. Make sure you have similarly updated appliances and if they offer any amenities that you don’t. If your property is in a bad neighborhood, consider adding a security system to make your tenants feel safer. Each of these could be contributing factors as to why you’re not getting applicants at your property.