How do I reduce vacancies between tenants?
September 13th 2023
The best way to reduce vacancy periods is to select quality tenants, who stay many years, pay rent on time, and look after the property well.
At some point though, most tenants will need to move, for work, family commitments, or to buy their own home.
Here are some tips on getting your investment rented quicker:
- Start marketing four to five weeks before the current tenants leave.
- Objectively assess the rental price against comparable listings in the same area, and check market rent on Tenancy Services.
- Once you have consent from your existing tenants for viewings, offer different times during the week so applicants can fit around work and family commitments.
- Identify any maintenance or upgrades that can be completed between tenancies, and which will help attract better tenants. Fresh paint and new drapes are an easy upgrade.
- Once the tenants have moved and the exit inspection is completed, carry out a deep clean of the home; windows, glass and frames; carpet cleaning, waterblast paths and driveway if needed; trim trees and shrubs and keep lawns and gardens tidy.
- Small changes can make a big impact. Replace curtains with neutral, lined drapes, repaint the front door, and swap out the letterbox if it’s looking tired and rusty.
- Use online systems for viewing appointments, applications, and regular updates to prospective tenants.
- Carry out thorough background checks on applicants, and see if you can negotiate an earlier move-in time with your ideal tenants.