The rising cost of living is hitting hip pockets around the country and this inevitably affects property investors.
One of the biggest concerns for property investors is having their property vacant. There are a few key measures a landlord can undertake that will significantly reduce the vacancy rate.
The vacancy rate is the period of time per annum that a property is without a tenant. It is usually expressed as a percentage and can vary from less than 1% to 5% and even 10% in certain areas.
Top tips to minimise your vacancy rate:
- Ask a fair rent. Your rent should be competitive and attract quality tenants. Don’t ask for more than your premise is worth. Waiting 2-3 weeks for the dream rent doesn’t make financial sense.
- Keep the property in good repair and condition. Good tenants rent quality property.
- Enter into long-term leases. Tenants love to know they have security of tenure and would rather enter into a 12 month lease on a quality property than having to move.
- Be a good landlord and have a good agent. Tenants appreciate being treated with respect and having requests for repairs tended to expediently.