An empty rental property isn’t the worst thing that can happen in your real estate business, but it’s far from ideal. An empty rental unit costs almost as much to maintain as an occupied unit, except without the benefit of rental income.
So, what do you do if you find yourself in a situation where your rental property is unavoidably empty? Here are three steps to take to make your empty property as rent-able as it can be.
1) Check what else is available
Have you stayed on top of the rest of the rental market in your area? If you find your property vacant and haven’t kept up with rental trends, it’s possible the market may have shifted in such a way that your property is no longer as desirable as it once was.
Make sure you have a good feel for what sorts of properties are renting in your area, and if you find the market has passed you by, take steps to bring your property more in line with current trends.
2) Reassess your property’s strengths and weaknesses, then adjust strategy
After seeing what else is on the market, take a close look at your own property’s strengths and weaknesses. What does it offer that others don’t? Where does it fall short? Assessing the property in light of the rest of the market is a key step towards understanding why you may be without a tenant.
Once you’ve taken stock of your property, consider your strategy for getting it in front of potential renters. How are you marketing your property? If it’s not showcasing what’s best about the unit or house, you may be leaving money on the table.
3) Look for new or different markets
Once you’ve gotten a good handle on your property and how it aligns with the market as a whole, you may want to consider a more radical step —targeting a different market for your property.
The market for potential renters is changing nationwide. Most notably, it’s getting younger. Driven by the comparative affordability, millennials are turning to rental units rather than home ownership as their long-term housing solution. Adjusting your rental strategy to target this growing pool of potential renters could move your property from vacant to occupied.
It may also be worth exploring the potential of marketing your rental property as a vacation unit. Though long-term renters are ideal for many reasons, if your property is in a market ripe for tourism or vacationing, your rental property could be a good fit. Consider exploring this market as you look to get a new renter into your available property.