Lower Vacancy Rates: Tips for Rental Home Owners
CNN Money reported this week that over 11% of the homes in the United States are vacant. For those who own rental properties, this number could be seen as alarming. While it should be noted that statistics take into account homes not used as primary residences have to be listed as vacant, it’s a good wake up call for those of us looking to keep our vacancy rates as low as possible.
So what can we do to combat the rising tide of vacancy rates across the country? Well, we’d do well to begin by listening to our local market and putting in place some strategies that will help fill properties on a regular basis.
- Revamp your tenant move out notice period. Instead of 30 days notice, make it 45 or 60 days. This way, you have more time to advertise and find a new tenant.
- Consistent market research. Make sure you know what places truly rent for in your property’s area.
- Great photos. There’s something to be said for great property photos. This one thing alone will help you get the phone ringing when it comes time to find a new tenant.
- Include landscaping. Showing a prospective tenant that you’ll provide a hassle-free living environment goes miles. $40 or so each month keeps tenants happy and your property looking great with a professional landscaping company.
Here’s hoping you’re finding time to enjoy the gorgeous weather. If you need something to do around town, don’t forget to check our local events calendar for the latest in the San Juans region!
The Staff at San Juan Realty, Inc.
Tags: rental property, rental rates, renting
