The tension and worry caused by rental properties that remain vacant for an extended period of time can drive you to drink. Especially if you have more than one, or really need the money coming in. Here are some tips to help you fill a rental vacancy quickly and help you avoid getting into a situation with unfilled properties from the start.
Carefully research a neighborhood before you buy. If you’re a new REI professional or eager to become a landlord, you may want to rush into a purchase that looks good on the surface but that may turn out to be more of a headache than you need. Check out the neighborhood, the neighbors, and the community as a whole before you invest in a property to be sure you’re getting into an area with as low a vacancy rate as you can find.
If you drive around a bit and see several “For Rent” signs, it’s a pretty good indication you could have some trouble keeping a rental filled. Some neighborhoods lend themselves to short-term rentals. Know if the home you’re considering as a rental investment is in that type of neighborhood and look elsewhere for property if it is.
Consider the property’s visibility. Rentals in highly visible areas are typically easier to rent than those in out-of-the-way or rural locations. Because most people prefer a short commute and often want to be near stores and events, a rental in a more populated, or busy area is usually easier to fill.
In addition, if your rental property is located where there’s a lot of foot traffic or a good number of people driving by, it increases the number of times your rental sign will be seen. That means that not only are the chances better that your next renter will see the sign herself, but there’s a greater possibility that someone will see the sign and tell a friend who’s looking for a place to live. Either way, the more people who know your property is available, the less likely it is to stay vacant too long.
Don’t delay in putting your rental sign out. If your current tenant gives notice he’s moving out, put the sign out immediately. Even if you need to make some repairs or do some cleaning, it’s best to start advertising right away so prospective tenants know the property’s becoming available.
Keep the rents within line of other properties in the area. Know what others in the area are charging for rent and be sure your rentals are in the same ball park. While some may be more expensive than yours, and some may be less, avoid making yours the extreme on either realm of the rental spectrum. It will make keeping your property filled much easier overall.
There’s no guarantee that your investment properties will never be vacant. But by these simple tips can help you minimize the length of times yours are, which will help to alleviate the headache that comes from having an empty investment property you really need to rent.
