5 Reasons Your Rental Properties Remain Unoccupied - What to Know
Rental properties are such a great investment. If you’ve purchased a handful of properties, you know that they ought to be occupied because having tenant’s rent in your properties is the only way you can earn some money back. This is why, as much as possible, you don’t want to leave them vacant for long.
Nevertheless, there are still times when some units are left unoccupied. If you are wondering why this is so, we will share with you five reasons below. Keep on reading also to see why you should hire a property management service in New York for your rental properties.
1. High rental payment
The rule of thumb in real estate is to price your rental properties correctly so that it won’t be hard for you to find tenants. It’s highly likely that the rental payment of your units is unreasonably high, which is why potential tenants may avoid you. What can you do about it? You can lower the price that reflects the actual units or add some amenities that will make the price reasonable — it’s up to you!
2. High-security deposit
Sure, your potential tenants may have no problem with your monthly rental payment. Yet, they may immediately back out after when they discover that the security deposit is not affordable. As a property owner, it’s best to review your state regulations and determine the limit set for a security deposit. Make sure to comply and consider the amount of deposit you’re requiring.
3. Inefficient or no marketing at all
It’s possible that some of your properties are vacant because you don’t market them. If not, you’re probably attracting the wrong type of tenants and not promoting your units through the right digital platforms. Understand that true property management includes marketing your units. That’s why it’s best to hire a property management company in Brooklyn that can perform the marketing job on your behalf.
4. Other existing tenants
There are instances where some tenants aren’t interested in your units because of the existing tenants, of which noise and dirt are the biggest factors that can turn them away. If your tenants are too rowdy or the place is too dirty, prospects will get discouraged in renting your property. For these reasons, make sure to enforce a quiet hours’ policy with your current tenants and maintain the cleanliness of the exterior and all common areas of the property.
5. Undesirable property features
Know that even the features of your property can turn away potential tenants. Unwanted features include too many stairs, small room size, not enough bathrooms, unideal location, no washer and dryer, and unattractive exterior, to name a few. If you’re under such circumstances, why not consider renovating your properties to create features that can entice potential tenants? Doing so can make an absolute difference in your properties and encourage prospects to rent from you!
At this point, you now understand several reasons behind your rental properties remaining unoccupied for some periods. In an effort to change your circumstances, you can try lowering your rental payment, reducing the amount of your security deposit, conducting effective marketing, regulating rules for your existing tenants, and renovating the properties’ features. Ultimately, it’s best to hire a property management service to ensure that your rental properties stay occupied at all times.
If you’re looking for a property management company in Brooklyn, get in touch with us today to see how we can help!