7 Reasons Why Your Rental Property is Still Vacant

It can be very frustrating for a rental property owner to have worked hard to put up a building or house but they end up not having any prospective tenants to let out the spaces. You may find yourself wondering what you could be doing wrong. For starters, you may be attracting the wrong type of tenants or may not be attracting tenants at all.

Here is a breakdown of 7 Reasons your rental property is still vacant.

  1. Rent is too high

An overpriced unit may be discouraging to prospective tenants. Clients may choose to not even come and view the apartment or house and just look for something cheaper altogether.

Some solutions to consider:

  • You can decide to lower the price instead of losing the prospective client altogether. This may mean a significant amount lower. Weigh your options and decide on how much you are willing to cut from the initial price.
  • Add an amenity or special feature. For instance, you could tell your prospective clients that the rent is inclusive of service charge. This could help sway the prospective client into making a decision to move into the apartment or house

 

  1. Security deposit is too high

Prospective tenants may have no problem with the monthly rent you are charging. However, they may be turned off by a security deposit that is too high. It is advisable to consider the security deposit you are asking from your tenants.

  1. Ineffective Marketing of Your Rental Spaces

As a Rental property owner, you could simply be marketing your rental property to the wrong target market. The marketing strategy you choose to adopt may end up attracting the wrong kind of prospective clients or simply not attracting any at all.

 

 How can you tell your marketing strategy is wrong?

If the tenants who are inquiring about your property are not meeting your qualifying standards, For example, how much you require as security deposit, Whether or not you allow pets (especially for high-end apartments), and last but not least Length of the lease agreement that must be signed.

With regard to the length of the lease, an owner might be okay with month to month or a long-term lease agreement like maybe a year. So all of these factors may play a major role in determining whether you get a prospective tenant or not.

It is advisable to advertise your rental property using multiple channels. Don’t just put up a small paper saying to let or for sale. Put up a signage, Put up a small poster banner that is visually captivating and appealing to draw attention. Advertise on multiple online platforms

If you have put up a post on these online platforms regarding your rental space and you’re still not attracting any leads some of the things to take into account are does your ad contain high-quality Images? Does the title of the ad describe the property concisely?

  1. Tough Tenant screening process

A prospective tenant may choose to move onto a rental property that has a less intrusive screening process. Although as a rental property owner it is good and recommended to screen your tenants, it can be too overwhelming and intrusive for the tenant.

  1. The Property Manager / Agent or Caretaker

The person responsible for finding tenants could actually be the reason you can’t find one. They may be rude or unpleasant to interact with, they may actually never be available to take the prospective tenant for a house tour or answer questions. Since the tenant will be interacting with this person regularly it is fundamental to have someone who will interact well with the clients.

  1. Undesirable features about the rental property

Some features of a house or an apartment may put off a prospective tenant. If the rental space is not well kept, it’s not clean, it has worn out or broken appliances the tenant may not be impressed and they may decide to move on. This is especially for apartments or homes that are not new.  Some of the things that can discourage a prospective tenant include An apartment or house with small room sizes, not enough bathrooms, little or no closet space, not enough parking space, location, laundry area/ hanging line spaces, garbage collection process, and so much more.

  1. Current Tenants

Did you know that current tenants can influence prospective tenants? Current tenants can influence whether or not the prospective tenant moves into or even buys the home. Some of the factors that can influence prospective tenants based on previous experiences by current tenants include: Noise – people want to be able to enjoy their home in peace and quiet. Dirt, how clean and hygienic is the surroundings. All in all, it is important to enforce rules about certain things including noise and hygiene.

 

These are just a few of the factors that may determine why your rental space is still vacant. For more on this topic look out for our video on YouTube(PMC Estates)  discussing the same and sharing more on the topic.

For The Best Property Management Services; Suluhisho Ni PMC Estates

 

 

 

2 Responses

  • Joyce Njambi
    Feb 5, 2022

    Very informative and educative. Very well done.

    Joyce Njambi Feb 5, 2022
    Reply
  • Edwinah Chelsey
    Feb 6, 2022

    Insightful nuggets for read 💯💯

    Edwinah Chelsey Feb 6, 2022
    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *