In previous blogs, we have talked about the strength of the Mesa rental market and how well everything is renting in our area. However, some owners who are self-managing their properties are still finding themselves with vacant properties 30 days or even 60 – 90 days vacant with a home. Why is this, when there’s such a demand for rental housing? Usually, the reason for a long vacancy period has to do with price point, condition, and possibly location.
Understanding Your Vacancy
Property condition can be anything from the color of the paint to the landscaping. It might even mean cleanliness. You want to keep it clean and appealing to the best tenants. There’s not a lot you can do about location, so if your property is in a place that tenants don’t find desirable, you need to set a great price. With a great price, you will get the property rented quickly despite the location or even the condition.
Tenants Are Informed
Today’s tenants have a lot of information at their disposal; more than ever before. They know what’s going on with your property and they can see the condition after looking at the photos you post with your listing. They also know what your competition is doing. If your property is on the market for more than 30 or 60 days, it’s because tenants are comparing your home to others, and they are choosing not to call you.
Rent Your Property Quickly
Avoid the long vacancy by taking a close look at your property. Make sure it’s
desirable and clean. When you have that to offer, you’ll get a better tenant with pride of ownership who will take better care of the house. Tenant retention rates will go up, and you’ll have renters who like where they live. That’s going to get your property rented quickly, which is better for your return on investment.