Tips on Minimising Vacancy Periods

Ensure the Property is in Good Condition

When a property is in disrepair or poor condition, it can take longer to attract quality tenants as well as motivate existing tenants to leave. Ensure your rental property ticks all the boxes when it comes to what makes a property a liveable home, including: 

• A decent heating and cooling system

• Windows and doors that lock properly

• Adequate insulation

• Good water pressure

• Fittings, fixtures and appliances that are functional and suitable 

Take care of repairs in a timely manner and team up with an experienced local property management agent who is responsive and helps resolve issues promptly. When listing the property for rent, ensure the property is well-presented with professional photography and a floor plan provided if possible. 

Research Your Local Market

Consider the demographics and lifestyle needs of your ideal tenants. Depending on the location, your property might attract young professionals looking to establish a share house or a family with young children and pets. Check out the competition in the local area, comparing weekly rent, condition, size, amenities and location with other rental properties. Consider whether making any changes or upgrades to certain aspects of the property could help attract and retain the best tenants.

Choosing the Right Tenant

Good tenants reliably and consistently pay rent while helping to care for the property. Screening for the right tenant is key to establishing a positive, long term relationship. This includes assessing their application to ensure they’re a good fit for the property in terms of their previous rental history, income and lifestyle. Find out what attracts tenants to your property and why they’ve moved from other properties in the past for clues on what motivates potential tenants to stay or move from rentals in the past.

Potential Upgrades to Consider for Rentals

Sprucing up a rental property may seem like an unnecessary cost but it can pay off in terms of minimising vacancy periods. Simple upgrades like quality appliances and a fresh paint job also increases the value of your property. Any expenses you incur while upgrading your property are also tax deductible. Remember, satisfied tenants have less reason to move and will happily continue renting your property for years to come.