Rental Vacancies

If you're a landlord you'll probably encounter a period where your rental units are not all filled, in fact you could have a substantially long period where your units sit vacant. Vacancies can be very costly so it's important that you use any time available to your advantage. Spruce up the property and make any repairs that are necessary. If you feel a couple little improvements will help you rent the unit faster, by all means go ahead and make the improvements. It's an investment that should pay off quickly as you'll attract more renters.

Another expense that will pay off in the end is advertising. Make sure that people know you have a property available and advertise the benefits of your place. If you're still having trouble renting, consider offering an incentive of reduced rent for a period of time or a signing bonus of one month free. You're still saving money in the long run if you can get a tenant into that property.

Look to your current tenants to find new tenants. Offer them a reduced rate or a bonus fee for recommending a tenant that you ultimately select to rent the open unit.

But don't get too desperate when you have open rental units, you still don't want to rent to irresponsible tenants who will not treat your property with respect or who will have a hard time making ends meet.

Kristin Kizer
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