No one invests in rental properties only for them to sit vacant. If your units have been stuck with the lights off for too long, don’t just sit there, do something! Here’s where to start.
- Take an objective look at your property’s condition – Maybe prospective tenants are seeing something you’d been hoping they overlook, like old carpet or dated appliances. Renters are discerning, and if your place isn’t cutting the mustard because the condition is not keeping pace with the market, they are going to lease elsewhere.
Take a hard look at your property through the eyes of a renter and invest in important upgrades that will attract quality tenants, even if it costs you money in the short term.
- Evaluate your pricing – Remember that the market determines rental rates. Just because you think your property is worth “x,” doesn’t mean tenants will agree. Conduct a market analysis to understand how your pricing structure compares to other similar properties and make adjustments as needed.
- Enforce strict rental screening criteria – While it sounds counter-intuitive, one of the best ways to reduce vacancy is to not rush the leasing process. By enforcing strict rental screening criteria, you’re more likely to end up placing a good tenant who will stay a long time and keep your property in good condition.
Lastly, if you need help increasing occupancy in your rental property, ask for it! Property management companies like us at RL Property Management do this day-in and day-out. We know effective strategies to boost your property’s market value and performance and can help make your overall investment perform at its best.
If you need help addressing performance issues with your rental properties, please don’t hesitate to get in touch with us at RL Property Management. We take great pride in being able to help our clients improve their returns and look forward to helping you too.