Vacancies in a rental property are expensive and stressful. When your property is unoccupied, it means you aren’t earning any rental income. It also means your property is at risk for undetected maintenance issues because no one is in it to notice or take care of things. Coming up with mortgage, property tax, insurance and utilities can be very stressful for most of the property owners.
Avoiding long term vacancies needs to be one of your greatest priorities as a Calgary rental property owner, and there are a few things you can do to reduce the likelihood of a vacant home.
Keep the Property Clean and Well-Maintained
Deferred maintenance will cause longer vacancy periods. Make sure you keep your home in good condition.
Price your Rental Home Competitively
You might be pricing your home according to what you see on rental sites like Rentfaster, Kijjiji and Craigslist. Those sites will also tell you how long a home has been listed and not rented. Consider that number, because if a home has been listed for more than a month, you don’t want to use the price of that property to guide your own pricing structure. It’s probably too high. Be competitive if you want to avoid vacancy.
Work on Tenant Retention
At AM/PM Properties, we analyze local rental values all the time. We have the data and the comparable that can help you price your property and increase your rent in the proper ways. If the market doesn’t support a rental increase, don’t try to force it on your good tenants. You’ll lose them.
We know that property owners like you don’t want to lose money on a vacant rental home. AM/PM Properties can help you to rent out your property quickly by effective marketing and finding good paying tenants. Please contact us at AM/PM Properties if you are looking for help.