Reducing Vacancies

For landlords or property managers, having vacancies in the apartment is what the last thing they would want to happen in their rental property because they will worry about payments of the bills like the mortgage payment. Here we will discuss some of the important things that will definitely help reduce the vacancy rate of your rental property.

Vacant rental property investment does not generate income that’s why it is important to think of strategies that landlords may consider to find worthy tenants and reduce the chance of losing income.                              

• Advertising. Advertise your rental space or unit. Eye-catching advertisements will likely to help you drawn more potential tenants. Use professional photos, because they are more appealing and eye-catching. Take a shot all of the unit's features, even the not so good one. This way you will know, who the real prospective tenant is really interested.

• Reward Existing Tenants. Isn't it nice to reward your loyal tenants? Yes, you heard me, rewarding your tenants make them feel that they are being valued and taken care of.

• Providing Amenities. Having extra or provided amenities is a plus point for the tenant to stay longer in your rental units.

• Always Keep Your Place Clean. Who wouldn't want a clean habitable place? A clean, well-kept rental place is always a plus. Being tidy will always give you a good impression that it is a better place to live.

• Do Repairs on Time. Landlords who didn't respond to tenant’s maintenance requests are likely to lose their tenants. Make it a point that you respond to their requests, so they would stay longer. Investing time and money can make your rental units on good condition.

• Know Your Tenants. Make friends with them. Take some time to know your tenants. Do your best to make them feel that they're not only just mere tenants but rather a friend, in that way they will feel more at home and won't leave.

• Notify Your Tenant of the Lease Renewal. The lease renewal period depends on the state, it is usually 30 to 60 days before the lease expiration, will let you know, if your tenant still has a plan of staying for another year or no, in this way, you will still have plenty of time to search for a new tenant if ever tenant decides to leave. If they plan to stay for another year, you may offer a small rent increase or none at all.