Are you wondering why your rental property is still vacant after so many months?
Renting out a property is a smart and convenient way to generate passive income. This is why many people choose to invest their lifelong savings and take up loans to buy multiple residential properties. Their ultimate goal is to create a new source of income for their families for many years to come. However, renting out a property is not as easy as it seems.
Rental properties can sometimes remain vacant for many months at a time. This can be very upsetting for the owner as they are losing more and more money with each passing day. Continue reading this article to find out the different reasons that could cause your rental property to remain unoccupied for many months.
The Rent You’re Asking for is Too High
The first reason why you could be facing trouble in renting out your property is high rent. Your rental property will easily remain vacant for many months if the rent you’re asking for is unjustifiably high in the eyes of the tenants. In today’s economy, everyone has budget constraints. If tenants can easily find other comparable apartments at a cheaper rent than what you’re asking for, they will be highly discouraged to choose your property. This is why you must always analyze the real estate market before you set a rental price for your property.
The Security Deposit You’re Demanding is Too Much
The next thing that can make your property less attractive for tenants is demanding a high security deposit. If you are asking for six months’ rent as a security deposit and the general practice in the market is to ask for two month’s rent then your high demand will only discourage prospective tenants. Some states even have strict restrictions on the amount of security deposit you can charge from a tenant so remember to look into this when you’re deciding your security deposit.
Moreover, you must understand that it’s not easy for everyone to pay such a huge amount of money upfront in one go. This is why it’s better for you to follow the general practices in the market when you’re deciding the security deposit amount for your property.
You’re Not Marketing Your Rental Property Correctly
Another reason why your rental property could remain vacant for a long time is due to inefficient marketing. If your rental property is not receiving any interest at all then you should try to advertise on multiple websites. You can also spark interesting by using high-quality images of your property in advertisements.
On the other hand, if you feel like you’re attracting renters that do not necessarily meet your qualifying criteria then you need to be more precise in your marketing. Try to include more information in your advertisements like whether you allow pets or not, income requirements, and the amount of security deposit you’re demanding. This will help you attract the right tenants for your property.
