Rental properties can be great sources of passive income, as long as you can keep them occupied.
But a vacancy — especially an extended one — can make your property just another obligation. The taxes, bills, maintenance and more can add up, with no way to offset the costs.
With these tips, you can do your best to avoid rental vacancies and keep your investment income flowing.
- Be flexible. Not everyone needs or wants a standard one-year lease. Offering other options, like six-month, 18-month or two-year leases may open the door to more potential renters.
- Allow pets. Pet owners love their animals and want a home that’s as welcoming to their furry friends as it is to them. You may also keep tenants for longer if you allow them to keep their pets around.
- Keep up with maintenance. Don’t let the home’s upkeep fall by the wayside. Make sure everything is in working order and that repairs are made promptly. This should greatly improve the experience for your tenants.
- Make some upgrades. Pick a few outdated or highly used areas to update. Installing newer appliances in the kitchen or replacing flooring throughout the house could attract tenants and may even allow you to increase the rental price.
- Allow personalization. Tenants want to be able to make a place their own. They’ll appreciate being able to hang artwork or even paint the walls their preferred color. You can ask them to repaint with neutral tones before they move out in the lease.
- Improve the curb appeal. If the rental is a single-family home or townhome, make it look like somewhere tenants want to live. Paint the front door, get some landscaping done, and capture the new curb appeal in your listing photos.
Reach out if you need help marketing to potential tenants or finding your next property.
