A vacant rental home is risky for owners and investors in Las Vegas. You’re not earning any income, and you’re also putting your investment at risk. Unoccupied properties can be targets for thieves an vandals. On top of losing rental income, you’re also required to pay out-of-pocket for turnover expenses. Those can be expensive, especially if a lot of work is needed to repair your property for the rental market.
We know you want to avoid a long vacancy, so follow these tips that work for us when we’re leaving Las Vegas homes.
Understand the Las Vegas Rental Market
One of the reasons rental homes stay vacant is pricing. You need to earn every dollar you can in rental income. However, an overpriced property will be vacant longer. Take some time to get to know the local Las Vegas rental market. Study the average rental values for properties similar to yours. Take a look at the competition. If the market is flooded with homes that resemble yours, a longer vacancy will not be uncommon. However, if demand outpaces supply, rental homes will go quickly, and a vacancy will indicate that something else is to blame.
Access the best data you can find when you’re pricing your Las Vegas rental property. You want to make sure you’re not leaving any money on the table, but you also want to make sure you aren’t pricing yourself out of what qualified Las Vegas tenants are willing to spend.
Provide a Well-Maintained Las Vegas Rental Property
When your pricing is consistent with the market but your home is still not renting, it may be due to your property condition. Are plenty of tenants scheduling showings but not filling out applications? It’s possible they’re not liking what they see when they visit the property.
Check your curb appeal. Is the house inviting and welcoming? Is everything functioning the way it should? Have you had the property professionally cleaned? Tenants won’t want to see dirt, debris, broken blinds, or appliances that don’t work.
Invest a bit of money in some cost-effective upgrades and updates. This will attract good tenants and get your home rented quickly.
Be Strategic with Marketing
If your price is accurate and your property shows well, perhaps you need to turn your attention to marketing. Long vacancies will often occur when tenants don’t know you have a home for rent. Make sure you’re listing your property on all the popular rental websites that tenants are using.
Pay attention to your marketing photos. Pictures will tell the story of your rental home far better than any description. The first thing tenants will look for when they come across your advertisement is your photos. Include photos of the front of the property, the kitchen and bathrooms, and the bedrooms. If there’s a yard or a garage, take pictures of those features.
Retain the Quality Las Vegas Tenants you Have
The best way to avoid long vacancies, of course, is to keep the tenants you currently have in your home. Make sure you’re doing everything you can to provide a great rental experience. You’ll want to be responsive when it comes to communication and maintenance. Share your expectations at the beginning of the tenancy and check in from time to time to make sure there’s nothing they need.
Be reasonable with your rental increases, too. This doesn’t mean you should avoid raising the rent at lease renewal time. Most tenants expect they’ll have to pay a little more every year. However, you don’t want to chase them away with unfounded and inflated increases. Be willing to negotiate if your tenants pay rent on time and take care of the property. They’re worth keeping, especially if it means avoiding an expensive vacancy.
We have a low vacancy rates and would be happy to help you keep your vacancy loss to a minimum. When you need help with Las Vegas property management, contact us atStrawberry Property Management Las Vegas.