Every day your rental unit sits vacant is money lost. But, there are a few ways you can ensure your property gets rented quickly and to quality tenants. What is more important than having a zero percent vacancy rate? Having quality tenants that are respectful of your property and pay on time.
Price it right
If you have a great rental in an even better neighborhood, then you are sure to rent it quickly, right? Wrong. If you have the rental rate listed too high, it is going to sit on the market a little longer than if you had priced it at market rates. While it can seem daunting to figure out just what the right price is, take a look around your area. What are other rentals going for? You need to compare as close as you can.
For example, if you have a 3 bed/ 2 bath duplex with washer/dryer hookups and a garage, you will want to find a similar unit that has leased recently in your area. If you can, see if the comparable had any price adjustments before it was leased and then take a look at how many days it was on the market. If it leased quickly with zero price adjustments, then you should consider listing your unit close to what the comparable was listed for. Keep in mind, seasons can definitely play into what you price your rental at, or around.
In today’s HGTV craze, even renters are expecting higher end finishes in the properties they rent. This doesn’t mean you have to deck your rentals out in custom home finishes, but you might not be able to get away with regular ol’ carpet throughout any longer. A good example would be putting down durable solid flooring. Not only does this help spruce your rental up a bit, you won’t be replacing the flooring anytime soon. But, if there was carpet throughout, you are going to have to replace it every so often. And, have it cleaned in between tenants. In the long run, solid flooring could save you money.
If you are managing your own properties, which can definitely help you save money, you are going to need to be proactive. If a prospective tenant reaches out to view your rental, you will want to set up a time as soon as possible. This way they don’t lose interest or potentially find another place while waiting for you to show them your unit.
This one is a hot topic amongst seasoned landlords. But, if you can, allowing pets will open up your tenant pool quite a bit. You can be selective in what pets you allow, the size of the pets, how many and then the amount of the pet deposit. You can even ask to meet the pet before signing a lease with the tenant.