Vacancies are expensive for Tampa investors, and you want to avoid them as much as you can. When your rental home is not occupied by a tenant, you aren’t earning any rent. In addition to the loss of rent, you’re paying out of pocket for utilities, landscaping, cleaning, and everything else that’s required to keep the property in good condition while you’re looking for a tenant.
We have five tips for reducing and avoiding long-term vacancies in the Tampa rental market.
Price Your Tampa Rental Home Competitively
First, you have to price your property correctly. If your home has been on the market for a while and you’re not getting any tenants showing an interest, it could be because the home is not priced right. Underpricing the home is never a good idea; you lose money and struggle to raise the rent to the market average. But, overpricing a home is just as expensive to you. It will take much longer to find a tenant willing to pay a higher rent.
Conduct a comparable rental analysis. Take a look at what homes similar to yours are renting for in your neighborhood. Ask for professional help from a Tampa property manager, who will have the best available data.
Offer an Outstanding Property
Attractive, well-maintained homes rent quickly. If your home is priced correctly and shows well, a long vacancy is highly unlikely.
Make sure the property is clean and that there’s plenty of curb appeal. Think about making some inexpensive upgrades that will get the attention of qualified tenants. New kitchen appliances, fresh paint, and hard floors instead of worn carpet all help you rent out your property faster.
Market Your Home Strategically to Great Tampa Tenants
Marketing and online advertising play a part in reducing vacancy as well. You have to make sure you’re placing ads in all the places that tenants are looking. There are hundreds of online rental sites. You can also use the MLS and network with other real estate professionals and partners who can help you find prospective tenants.
Your ad should include some high quality photos and detailed descriptions of the property. Sell the home. Include information on its best features. If you allow pets, make sure you mention that. Pet-friendly properties almost always rent faster than those that don’t allow pets.
Make Routine Maintenance a Priority
Maintaining your home is good for your asset; keeping it in excellent condition will protect its value and help you avoid costly emergency repairs. It’s also good for your tenants. If they see you taking care of the home and responding to their needs, they’ll feel protected and secure in the home. That means they’ll be more likely to stay, and you won’t have to worry about a vacancy after they move out.
Focus on Tenant Retention
One great way to avoid vacancy is by keeping the tenants you already have in place. In addition to responding promptly to routine and emergency maintenance requests, you can also make sure they know they’re appreciated and valued. Think carefully about increasing the rent too much at renewal time. All tenants expect a modest increase, but raising the rent too high might motivate your tenants to move out, leaving you with vacancy and turnover costs.
Stay in touch with your tenants and treat them like the paying customers they are.
As professional Tampa property managers, we have a great track record of avoiding long vacancies and keeping your rental property occupied with well-qualified residents. For more information, contact us at Real Property Management Instant Equity.
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