A continuously occupied rental property can be a great investment. Just knowing that the rent check is coming in each and every month can keep your bank account augmented – and it can also allow you to sleep much better at night. But having a property that is vacant – even for just a few months – can really erode your savings quickly.
While you can’t keep tenants from moving due to job transfers or a growing family, there are ways that you can make your property stand out from the competition, helping to ensure that when one occupant moves out, it will quickly be re-rented.
Even small items can make a big impression on a potential new tenant, such as:
- Minor Interior Updates: By making some minor updates to the interior such as adding new ceiling fans, replacing old faucets, or even putting in shiny new handles on the kitchen cabinets, a potential tenant will not only get the impression that the home is clean and up-to-date, but also that it is owned by a landlord who cares.
- Nice Curb Appeal: Ensuring that the property has a nice curb appeal is also essential – especially because this is the very first thing that a potential tenant will see. Here you could trim back tree branches and shrubs so that the yard looks neat and tidy. You could also add some well-placed seasonal flowers.
- Provide Additional Features: If you have not already done so, provide additional amenities such as a washer and dryer and / or a microwave. This alone could make the difference between someone choosing your property over another.
- Make the Property Safer: Today, many people are more worried about their safety. You could take the extra step and install a home security system in the property. This will help your tenants to sleep easier at night – and it could even turn a short-term lessee into a longer-term renter.
- By providing more value to your tenants, you will not only have a better chance of getting – and keeping – longer term tenants, but you may also be able to justify charging a higher amount of monthly rent.
For more information on rental property tips – or, if you would like to learn how you can benefit from your investment without having to worry about the day to day property management duties – give us a call.