Vacancy is expensive and it’s also frustrating. Why do you think your
Southwest Washington property is not renting? We’re talking about some of the most common reasons that a property remains unoccupied, and what you can do about the problem if you find yourself puzzled by a longer-than-normal vacancy.
No One Wants a Showing
You have likely put a great listing together, and you’ve listed your ad on all of the popular rental websites and social media platforms. There are plenty of great sites that will help you showcase your property and what it has to offer. But, are people not interested in showings?
This could indicate that your price is too high.
Tenants are more informed than ever about the market and the average rental values in your market. If you’re priced too high, tenants won’t bother looking at your home. They’ll focus on similar properties that are priced more competitively.
It’s a good idea to figure out what your best price point is for your
home to rent quickly. Check out what competing properties are renting for. Look at homes that offer the same square footage and the same appliances and upgrades as you that are in the same location. If your rental price is even $50 higher than the average, you’re priced too high.
No One is Applying to Rent Your Property
It’s not always a price problem.
Let’s say you’re getting plenty of requests from prospective tenants for showings, but after seeing your property, no one is applying to rent it. This could provide you with an opportunity to evaluate the blind spots you may have about your investment.
Be willing to ask for feedback from the people who see the home, because this information can be valuable. Find out why they didn’t choose your property. Maybe you didn’t paint the interior and they were turned off by the faded or chipped paint. Maybe the inside of the home is dated and your
potential tenants were looking for something more modern. These things can be remedied with a few upgrades. It might make a difference with the next group of potential tenants who come and see your home.
It might also be the location. The
tenants who came for showings might tell you that the area is not attractive or desirable. This isn’t anything you can necessarily change; you’ll have to lower your price, perhaps, in order to attract high-quality tenants.
Establishing Cause and Seeking Remedies
