Avoiding long term vacancies is necessary for a successful and profitable investment experience. Your Portland rental property loses money when it’s not occupied, and the longer it’s vacant, the harder it is to earn back what you’ve lost. There’s no rent coming in, and you have to pay to clean and maintain your home while keeping the utilities on so prospective tenants can see it.
The goal is to lease your property quickly to a well-qualified tenant. Follow these strategic tips for a good chance at reducing your vacancy loss.
Price Your Portland Rental Property Correctly
Portland rental homes continue to rise in value, and you have probably increased the rent pretty steadily over the last few years. That’s a good sign that the market is strong and your property is attractive to tenants.
Take a look at the market before you price your home again. Overpricing a rental home will only extend your vacancy. You may think your property is worth $2,000, but if homes similar to yours are only renting for $1,700, you should consider staying within the market-driven range. It’s not worth it to hold out for the $2,000, because an extra month or two of vacancy will cost you more.
Avoid long vacancies by pricing your property competitively.
Make Sure Your Portland Property is Well-Maintained
Property condition has a dramatic impact on vacancy days. Well-maintained homes will always rent faster than those that are falling apart or visibly aging, so make sure you take care of all repairs, even minor cosmetic issues. Before you start showing the property, test the appliances and functions of the home. Look for locks on windows and doors, run the faucets, and test every tub and toilet. Check the electrical outlets. Make sure the lighting is bright and the paint is in good condition.
Invest in Cost-Effective Updates and Upgrades
Reduce vacancy by making your rental property stand out on the rental market. Tenants are going to be drawn to modern, attractive homes that look new. This doesn’t mean you have to plan for a complete renovation. However, if you’re willing to upgrade your floors, repaint the property, and make small changes like new hardware and faucets, you’ll face less of a vacancy risk. Curb appeal also counts. Make a good first impression when you want to avoid a long vacancy.
Pet-Friendly Properties Rent Faster
Pets are an important part of the family to many Portland tenants. More than 70 percent of renters own at least one pet, and very few people are going to choose a new home that isn’t accommodating to their dogs and cats. So, if you are committed to a strict no-pet policy, you are likely to spend extra time looking for a resident.
If you’re worried about the potential for property damage, a good pet policy can help. We recommend that you screen the pets and then charge a pet fee or a pet rent.
Focus on Tenant Retention
The best way to avoid vacancy is by holding onto the tenants you currently have. Tenants will renew their lease agreements when they feel their landlord is responsive to maintenance and repair needs. If you’re communicating well and providing a great rental experience, you won’t have to worry about losing a tenant and you’ll keep your vacancies and turnovers low.
Working with a professional Portland property management company can also help you avoid long and expensive vacancies. Contact us at Performance Properties, and we’ll help you keep your investment home occupied and profitable.