Today, we are discussing reasons why a property may have difficulty renting. It is every property manager’s goal to rent a house as quickly as possible to the best qualified tenants. However, there are sometimes circumstances that can hamper the renting effort.
Take a look at the current market and review the competition. Perhaps there is just a glut of comparable properties available, and tenants are able to be choosy.
Sometimes, the problem is simply the asking rent. Evaluate what you’re asking and make sure the rent is at a comparable price. The more competition you have, the more important it is to adjust the rent to entice a qualified tenant.
Check out the condition of the property. It may be a great house inside, but if a tenant pulls up and sees peeling paint or a deteriorating roof, getting them inside to see it could be a serious problem. Or, maybe the outside looks good, but the inside has stained carpet, odors or dirty walls. Good tenants are not going to put in an application, especially if there are other available rentals in better condition.
Certain months of the year have events that could slow down the rental market. Back to school days and severe winter storms as well as the December holiday season tend to slow down the market.
Finally, it might be that the market is great and the price is right and the property looks wonderful, but it’s still vacant. The reason might be that the applications collected did not come from qualified tenants. It’s more important to locate a qualified tenant who will pay the rent and take good care of the property than to rent it out quickly to less desirable tenants.
If you have any questions about vacancies and rental properties, or you’d like more information on the services we provide, please contact us at PRS Property Management.