How to avoid high vacancy rates
Although the latest market figures point to signs of recovery for Perth’s property market, it’s been a tough few years for property owners in WA. With high vacancy rates and low leasing activity, the market has very much shifted in tenants’ favour. As a property owner, finding and maintaining tenants is a huge element of keeping your property investment costs down, especially in a high vacancy rate market. After all, covering the costs of a vacated property isn’t cheap, not to mention the advertising fees! So what’s the key to attracting and keeping long-term tenants?
Take advantage of vacancy periods
If you plan on attracting tenants in any rental market, appearances are going to matter. If you do find yourself with an untenanted property, use the vacancy period in your favour to freshen up your property and increase its rental appeal. Whether it’s a little spring-cleaning, a simple renovation or updating old appliances, ensuring your Perth property presents well during viewings (street appeal included) will be key to getting those tenants through the door.
Be a good landlord
Once you’ve leased out your Perth rental property, a sure-fire way of ensuring your tenants think twice before leaving is showing your value as a landlord. This means being attentive to renters’ needs and making sure any maintenance issues are dealt with promptly and efficiently – you don’t want your tenants to think they are the last priority on your list! Fixing any repairs and ongoing maintenance problems as they happen will also help keep your property in tip-top condition for future tenants. If you know you don’t have time to manage your properties on a full-time basis, consider hiring a Perth property management agency who can deal with any day-to-day issues for you.
Beware of rent increases
When vacancy rates are high, the key to keeping your property tenanted is to know it’s worth in the market. If you find tenants aren’t sticking around once their lease is up, make sure you’re not charging too much rent compared to your competitors. If your existing tenants are looking after your property, you may also want to re-consider before raising the rent; in fact, you may even want to consider any rent negotiations they put forward. After all, advertising fees and vacancy rates can cost more than a small rent reduction in the long run. If in doubt, speak to your property managers to find out more about competitive rental prices in your area.
Get yourself a great property manager
Managing a rental property in a high vacancy market is a big responsibility for property owners. Whilst you will still have to deal with the ongoing maintenance of your Perth rentals, you will likely face the prospect of more property viewings, negotiations in rental price and requests for property improvements. This is where hiring a Perth property manager can assist in keeping your vacancy rates down.
Whilst the property managers at Rentwest will oversee the day-to-day running of your Perth rental properties, we can also offer the in-depth knowledge, marketing tips and advice you need to ensure your property remains competitive in the current market. The proof is in the pudding – despite historically high vacancy rates in recent years, the Rentwest team have maintained minimal vacancy periods that continue to sit well below the market average.
For more information about our property management solutions, visit the Rentwest website or contact us on firstname.lastname@example.org or call us on 08 9314 9888.