Avoiding a long term vacancy in Oakland is important to the financial stability of your entire real estate portfolio. Vacancies are expensive. You don’t have any rent coming in, and you have to spend money out of pocket to pay for things like utilities and maintenance. An unoccupied property is also dangerous because it’s vulnerable. No one is there to sound the alarm if there’s a leak or unusual deterioration.
Finding and keeping a great tenant will result in consistent rental income and the proper care of the home. To get your property rented quickly and avoid a longer than necessary vacancy period, pay attention to these important tips.
Price Your Oakland Rental Home Correctly and Competitively
Oakland rental homes are generally expensive. While you want to earn as much as possible in monthly rent, remember that overpricing a home will only create additional expenses for you. The money you lose on a long vacancy is income you’ll never be able to earn back. It’s very difficult to correct a vacancy loss. So, it’s not worth the loss of income to price your home $100 higher than similar homes on the market. Even if you get the rent you want, it will likely take you an extra two or three months to find a tenant. That $1,200 per year will never make up for the two months of rent you didn’t earn waiting to find a tenant who was willing to pay your higher rent.
Provide a Well-Maintained Oakland Rental Home
The condition of your rental property has a lot to do with the length of your vacancy. Well-maintained homes will always rent faster, so make sure it shows well. All of the appliances and functions of the home must work properly, and you should check for locks on windows and doors. Run every appliance before you show the property, and test every tub and toilet. Turn on the faucets and check the electrical outlets. Make sure the lighting is bright and the paint is in good condition.
If your rental property is aging and deteriorating, consider making some upgrades and updates to generate interest among prospective tenants. Putting in new floors, repainting the property, and installing energy-efficient appliances can help. Make sure the fixtures on your sinks and cabinets are modern and not chipped and rusty. Curb appeal counts too and will create good first impressions.
Retain Your Oakland Tenants
The best way to avoid vacancy is by holding onto the tenants you currently have in place. There are several reasons that tenants will choose to renew their leases:
- Responsive landlords who are quick with maintenance and repair needs.
- Open, transparent, and informative communication.
- Rent can be paid securely online.
- The landlord makes tenants feel appreciated and valued.
- The property continues to be a good value compared to others on the Oakland rental market.
Provide a good and positive rental experience for your tenants, and they’ll stay in place longer. Tenant turnovers are expensive; they leave you with a vacancy and it costs money to clean and update your home before a new tenant moves in.
We work hard to limit the vacancy times of the properties we lease and manage. Contact us at California Pacific Realty to learn more.