It doesn’t matter if you own rental properties in Portland Oregon, or elsewhere in the United States, vacancies can hurt your income because if the property is not occupied, it’s not earning income.
Thankfully, staying on top of vacancies doesn’t have to be difficult, especially when you follow these tips.
Tip #1 – Start The Renewal Process Early To Limit Vacancies
When you’re at lease 3 months out from another renewal, you should contact the tenant to see what their long-term plans are and find out if they are interested in renewing their leases for another year.
Contacting your tenant early will save you the time and hassle of finding out that they may be unhappy with the rental.
It’s possible that by communicating with them early, you may be able to resolve their issues with the rental property, keep them happy and inclined to renew their lease.
Tip #2 – Offer Incentives To Renew Early
Let’s face it, there’s nothing more ideal than a tenant who renews early because this means you can focus on other aspects of your business without having to be concerned about the income generated from your property.
One simple way to motivate tenants to renew their leases is to offer them simple incentives like gift cards, cash, free wi-fi, and other incentives to get them to say yes to renewing their lease for another year.
Keep in mind that an incentive doesn’t have to cost a lot of money because sometimes a simple incentive like a gift card or cash will be enough incentive for a tenant to renew their lease.
Tip #3 – Stay Competitive With Comparable Rentals
Last of all, but most important, another thing you can do to aid the renewal process is to keep your rental property competitive with comparable rentals in the area.
This means regularly monitoring what amenities other rentals are offering and adding some, or all of those rentals to your property.
Which amenities should you consider adding to your property? Some of the most in-demand amenities in 2022 are smart appliances, dog runs, a washer/dryer, and more on-site storage.
Contact Rent Portland Homes
At Rent Portland Homes we offer property management for single-family and multifamily properties in the area.
If you’re tired of managing your properties yourself, having vacancies, and are ready for a change, or if you’re investing in rentals for the first time, contact us today for a property management quote by clicking here.