A vacant rental property is an asset-turned-liability. It can result in a stagnant cash flow and create huge financial burden for the landlords, especially if they solely rely on rental income. At Bickerstaff Parham Property Management, we have helped hundreds of landlords reduce the vacancy rate of their rental properties. Here are some of our proven strategies that you can execute and ensure that your property remains occupied.
Keep The Rental Property Clean And Well-Maintained
According to the Implied Warranty of Habitability, you should keep your Columbus rental in a clean and livable condition. If there are mold, pests, or other inhabitable conditions, your tenants are bound to leave the property.
However, if you follow timely maintenance routines like changing the air filters, tightening the loose knobs and handles, cleaning the gutters, checking the smoke and carbon monoxide detectors regularly, keeping the lawn mowed, preventing leakage, and conducting inspections, your tenants’ stay will be easy and comfortable, motivating them to renew the lease and reduce your vacancy rate.
Price It Right
If your tenants are terminating the lease early or are not opting for lease renewal, it may be because the rent is too high or you have increased the rent price unreasonably. Therefore, do your market research before increasing rent. Ask your neighbors how much rent they are charging for similar properties, find the average market value and set the rental price accordingly. This will give your tenants a fair deal and motivate them to renew the lease.
Offer Long-Term Leases
In our experience, tenant vacancy rates are higher for month-to-month leases. However, if you extend long-term leases, you may experience considerably lower vacancies. Consider offering yearly, or even longer leases, when you find quality tenants who are planning to live in the house for the long term. This way, the tenants will get more stability and you can maximize your revenue.
Negotiate With Your Existing Columbus Tenants
Nobody likes to constantly relocate from one place to another. If your existing tenants have lived in the rental property for a substantial period of time, they may be inclined towards renewing their lease, especially if you have a good landlord-tenant relationship.
You can come up with attractive offers to encourage them to renew the lease. Consider offering incentives like a rent break or some discount over the rental payment for the initial two months after renewal, a free subscription, upgrading some smart appliances that they might desire, or even setting up a free WiFi connection.
Provide Amenities In Your Columbus Rental Property
Amenities can play a key role in attracting and retaining your tenants. Depending on your budget, you can consider adding amenities like a small workout area, home office, pool, garage, laundry room, a play area for the kids, or a small pet area within the vicinity, to enhance the appeal of the house and find tenants quickly.
Although the tips mentioned above can help you reduce your Columbus rental vacancy, we recommend hiring a property manager to find tenants faster. An experienced property management company is skilled at lowering vacancies by finding and retaining high-quality tenants. Consult a trusted company like Bickerstaff Parham Property Management. We advertise your rentals online by posting on hundreds of top listings websites, including ours.
For more information on avoiding long-term vacancies in your Columbus property, talk to our expert agents today!
