With the 2008 economic downturn still fresh on most peoples’ minds, there has been talk lately about another recession that could be heading our way. If it comes to fruition, what can it mean for rental property owners?
With the possibility of lowering interest rates in the future (in a recession), it could mean that tenants may have an easier time purchasing a new home – particularly if the monthly payment is more affordable.
So, as an investment property owner, what can you do to better ensure that your tenants won’t be moving out?
One option is to offer them some incentives. For instance, as the end of their lease term draws near, keep the amount of the monthly rent the same…or better yet, reduce it by a small amount. While doing so could have a slight impact on your monthly cash flow, it could prevent you from having (and paying for) an empty unit.
You could also offer added amenities to current or possible new tenants, such as upgrading some (or all) of the appliances, putting a fresh coat of paint on the walls, and / or installing new flooring.
Regardless of what happens in the economy, keeping cash-flowing properties can require a lot of an investor’s time for tasks like day-to-day (and emergency) maintenance, rent collection, and marketing vacant units for new tenants.
If you’d rather spend your time doing other things, while continuing to receive rental income from your investment(s), then it may be time to consider hiring a property manager. With an experienced management team on your side, you can relax, knowing that you won’t have to get up in the middle of the night to fix running toilets and coordinate repairs for a leaky roof.
Want more information on how an Orlando property manager can make your life easier? Just contact us and we’ll provide you with all of the details.