How to reduce the risk of your rental sitting vacant
When you own a rental property, the last thing you want is for it to sit vacant for an extended period of time.
After all, while an investment property sits empty, it is not making income. So how do you reduce the risk of your rental sitting vacant?
It all comes down to five key ingredients…
Pricing is everything
We’ve been hearing a lot about skyrocketing rental prices in recent times, but even in a ‘hot’ rental market where the vacancy rate is low, it’s important to be realistic about the price your property should command.
When you price a rental property too high, you automatically deter potential renters. You might also deter the type of renters who are best suited to looking after your property in the long-term.
The upshot? Before you re-advertise your rental property, have a good chat with your property manager about the ideal renter for your property and a realistic rental price.
Presentation matters
When it comes to attracting good renters and ensuring your property doesn’t sit vacant, presentation is everything.
Just like when you’re selling a property, the rental residence should be well-maintained and have great street appeal.
That might mean taking the opportunity to do some maintenance and upkeep while the property is vacant.
The property should also be presented well in terms of marketing and the photographs you use to advertise the property for rent.
Readvertise at the right time
As tempting as it might be to advertise a property for rent well in advance of the current agreement ending, there is a sweet spot when it comes to listing a property for rent.
Generally, this is within a month of the property becoming available, which allows enough time for inspections and the application process.
It’s important to also consider that if the property currently has rental occupants, you will need to organise inspection times and provide adequate notice. You will also want to ensure the property is clean, tidy and ready to be viewed.
Watch the end date
As with any market there are quiet times and periods of higher demand, so watch the end date of your rental agreements.
For example, few renters want to move over the Christmas period, so instead set up any agreements to end in January when there’s more demand for properties.
Retain good renters
Finally, the best way to avoid your property sitting vacant is to secure good long-term renters and retain them.
That might mean foregoing a rental price rise on the property or minimising it in the knowledge an extra $20 a week can quickly become insignificant if your property sits vacant for an extended period.
It also means looking after good renters when you find them, which involves tending to maintenance requests in a timely manner, respecting their right to peace and privacy, and working with them to look after the home.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
