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5 Reasons Your House Isn’t Renting
As a landlord, having your rental sit vacant for months can be incredibly frustrating and disheartening. Your goal is to secure a responsible, long-lasting tenant to fill the vacancy quickly. But sometimes properties linger on the market, even in competitive rental markets.
Why your house is not renting? There are a few key reasons vacant rentals struggle to attract tenants. In this comprehensive guide, we’ll explore the top causes and provide actionable tips to turn your property around. With smart repairs, pricing adjustments, and strategic marketing, you can generate excitement and fill your vacancy.
Read on to learn what might be holding your rental back and how to fix these issues for good. Your perfect tenant match is out there – you just have to find them!
Common Reasons Rentals Sit Vacant (And How to Fix Them)
You’ve had your property listed for rent with little luck securing a tenant. Don’t lose hope – this situation can turn around. Here are the top reasons rentals fail to lease along with fixes to attract more interest:
1. Pricing Above Market Rates
Overpricing is one of the biggest factors for vacancies. Do your homework on similar rentals in the area. Consider reducing your rental rate even slightly to match comparable listings – being competitive on price is crucial that’s why the lower your rent price will make it easy. Adjust down until you start getting more showings.
2. Minimal Marketing Efforts
Don’t just post on a rental site and call it a day. Invest in professional photos, virtual tours, yard signs, and print ads. Ask real estate agents to showcase your listing. Cast a wide net through multiple platforms to connect with more renters.
3. Lack of Curb Appeal and Cleanliness
Minor cosmetic issues and clutter can deter potential tenants. Tackle repairs, refresh paint and fixtures, tidy the yard, and deep clean the interior. You want the property to shine both online and in person.
4. Stringent Tenant Requirements
Loosen stringent standards around credit scores, income, and rental history within reason to open up your pool of applicants. But don’t compromise on background checks and reference vetting.
5. Inflexible Lease Terms
If comparable rentals offer 6-month leases but you only stick to 12 months, you’ll miss out on tenants. Be open to shorter terms, month-to-month, etc. You can always renew great tenants later.
Strategic adjustments to price, marketing, condition, requirements, and lease terms can transform a perennially vacant rental into a highly desirable one. Keep tweaking your approach until the right tenant finds you.
Frequently Asked Questions (FAQs)
What’s the average vacancy length before a landlord should worry?
The typical vacancy period is one-two months. If your rental has sat for significantly longer, it warrants evaluating your strategy. Anything over between three to four months means you need to make adjustments.
When should I start lowering the asking price?
If you’ve had no showings after two-to-three weeks, consider a small price drop. Gradually reduce the price every couple of weeks until you begin generating interest.
What improvements help a rental lease faster?
Ensure fixtures are updated, appliances function, and the property is deep cleaned. Tend landscaping, paint if needed, and remove all clutter. Great photos spotlight improvements.
Should I furnish my vacant rental?
Staging with furnishings can help but isn’t always essential. Focus on accentuating existing features and space. Save furnishings as an extra incentive if needed to seal a deal.
In conclusion, having a long-term vacancy can be incredibly stressful and harmful to your rental income.
But there are solutions to this frustrating situation. With diligent troubleshooting, you can pinpoint the factors deterring potential tenants.
Strategic adjustments to your pricing, marketing tactics, lease terms, and tenant requirements can quickly generate more interest in a once-stale listing.