HOW TO AVOID VACANCY AT YOUR RENTAL PROPERTY?
If you are a homeowner and need that extra income coming from a rental property, you know the hassle of tenants leaving and renting your property again. You will need to spend more money cleaning the property, fixing the regular wear and tear of the previous tenant, advertising and searching prospects. While there are many reasons a tenant will move out, and some of the reasons are out of their control (cannot afford rent and need a smaller unit, relocation, or need a larger unit due to marriage or childbirth), chances are there are issues that landlords can work out and keep the tenant to stay. Here are the common ones:
- Maintenance Properties
Maintenance issues can cause a tenant to move. They may be tired of dealing with clogged drains, leaky roofs, or pest problems. The good news is, if you stay on top of the maintenance at your property, you will not have to deal with this issue.
- Be proactive, do periodic inspection. Inspecting regularly can be effective to address maintenance issues and avoid costly repairs, for instance a leak under the bathroom cabinet can lead to a bigger and costly problem if not addressed fast.
- Fix Problems Quickly. If your tenant calls you to report an issue, do not ignore, after all it is your property. Addressing and resolving the issues quickly will usually be enough to keep the tenant happy, because they are being heard. You should also have an easy way for tenants to contact you to make repair requests, whether it is email or a dedicated phone line (to keep business separated from your personal)
2. Property too small
A renter may move because they need more space. Marriage, childbirth, pet adoption or starting a home business are all reasons a tenant may need an extra bedroom, an extra bathroom, a larger kitchen, more storage space or a backyard. Depending of the reason, chances are if you offer them an upgrade they will consider and stay (maybe a while longer). Examples of upgrades are:
- Extra Storage (a shed in the backyard can be easily converted to extra space, or a dedicated space in the basement for bikes, and other storage items they might need extra space.
- Laundry Unit. Offer your tenants a laundry area in a common area (basement would probably be the best location). Dryer and washer can be added in their units or landlords can buy coin operated machines.
- Even if the unit is smaller than the tenant would like, you may be able to get them to stay by offering to upgrade their apartment. Swapping out carpet, retiling a shower or adding stainless steel appliance may be enough to get the tenant to overlook the tighter space for a while longer.
- While reducing the rent is not always the best option, sometimes reducing rent by $50 dollars a month will get the tenant to stay, it may be worth it because you may spend more trying to fill the vacancy.
3. Feeling unsafe in the neighborhood
If a tenant wants to leave the area, it can be hard to convince them to stay. But there are some things you can do to make your property safer:
- Install cameras in the front area and back areas of the house/building. A visible sign outside your building will discourage any burglars/break ins.
- To avoid delivery packages dropped at your doorstep, provide a safe place for deliveries. You can install new mailing boxes adapted to bigger packages or key-less entry doors with designated codes. Giant Amazon is enabling through Prime key less delivery in many areas to address the greatest complaints people have of their goods being stolen.
CWC Painting and Services offers complete cleaning and maintenance services to all the North Shore of Massachusetts. Most of our clients own rental properties while pursuing other careers, interests, and hobbies. They do not have the time and knowledge to maintain their rental properties, and they trust us to maintain their property in tip top shape. We have the staff, vehicles and equipment to successfully meet the maintenance needs of your property (Single Family Homes, Duplex, Multifamily Homes, Condos, or Commercial).