Every investor hopes that their rental property is tenanted 100% of the time, but unfortunately that’s not always a reality. But there are certain steps you can take that may help keep vacancy rates down.
Even though there is a demand for housing at the moment, the property market could change down the track, so it is important to put in the effort now to keep your tenants happy.
Organise your lease agreements around peak periods
There are certain areas where you can somewhat predict the routine take up periods. For example, if your property is near a university, it would make sense to create lease periods around the start and end of the school year. However, this step may not be applicable to all areas, so it is important to do your research beforehand.
Be careful when raising the rent
Investors need to be extremely careful when raising the cost of rent. If you increase the amount too much then it may make your property less attractive to renters. This is why you need to research rental prices for similar properties in the same area to get an idea of what your rental price should be.
There are certain situations where raising the rent is acceptable. For example, your rental price may be below the market average, you have not increased the rent in a number of years or you have made significant renovations to the property. Remember, if you do decide to increase the rent, you will need to give the tenant enough notice before making the change.
Maintain an attractive property
There are simple ways to keep your property tidy without putting in an exponential amount of effort. If your property is vacant, keep the gardens and lawn tidy to increase street appeal. Also, when you have tenants living in the property, be prompt with any maintenance or repairs to show your tenants that you are a responsible landlord.
Although you may not be able to keep your investment property tenanted 100% of the time, there are ways to make your property more attractive to renters.