For the most part, residential rental properties are generally investment properties. They only make money, however, when they are being rented. Rental properties that sit empty are costly. Therefore, you want to do everything you can to ensure your rental property stays occupied. Sometimes, however, you may run into difficulties finding renters. There can be a number of reasons for this, but the most likely ones are fairly common. Here are 3 reasons you can’t find anyone who wants to rent your property.
Your Rent Is too High for the Area
Most neighborhoods are in fairly constant flux, which means rental prices and even property values are as well. This means if you want your property to stay occupied, you have to price it competitively. There may be times when you can’t rent it for as much as it costs you, but there will be other times when you can rent it for far more than it costs you. Remember that an empty property will cost you far more than an occupied property that doesn’t quite generate as much income as it costs.
Features Are Outdated
It goes without saying that landlords don’t want to spend much on upgrades for rental properties. Conversely, however, some very simple and inexpensive upgrades can actually not only make your property more attractive to renters, but even allow you to charge premium rental prices. Modern light fixtures, bamboo flooring and cabinet hardware are all simple and inexpensive upgrades you can make to turn your rental property into a premium rental.
Property Is Not Well-managed
Slow leaking faucets can lead to rust stains, mold and mildew smells or even water stains. Cracks in tile or drywall can make a property appear not well cared for, which can make renters wary. Remember that generally when renters come and look at a property, it is empty, so there is no furniture or art on the walls to hide blemishes. All the little details that might get missed when a buyer is looking to buy a home will be glaringly obvious when a renter comes to look at a property. If you don’t have the time and resources to manage a property yourself and keep everything neat, tidy and well-maintained, you might consider hiring a property management company.
Rental properties can provide a stable, steady source of income when they are managed properly. While they may not always generate a healthy profit, there will generally be enough flux between large profits and more minuscule ones to make them well worth the effort.
