2 Options for Dealing with Residential Rental Vacancies

Residential rental vacancies are a burden on a landlord because they don't bring in any income and the landlord still has to spend money to maintain them. That is why landlords will try their best to attract tenants to their vacant property as quickly as possible. But they can also use the vacancies as an opportunity to make those spaces more attractive to potential tenants.

Improving Rental Units

There are a number of things landlords can do to make their rental units more attractive to tenants. This can include small improvements such as adding digital cable access and setting up wireless routers. It can also include more heavy-duty repairs - repainting the walls, putting in a new carpet, updating utilities, etc. Landlords may want to invest their money in making their rental units more energy efficient - it will attract ecologically conscious tenants and allow landlords to save on their energy bills.

Attracting New Tenants

While making improvements is helpful, they won't do much good if they remain empty. For best results, landlords should advertise on multiple fronts, putting ads in their local newspapers, on the Internet and posting a sign in front of their building. They can increase their chances of attracting tenants by adding incentives. For example, you can offer free cable or free utilities for the first two months.

blog comments powered by Disqus