How Do You Manage Rental Vacancy in Long-Term Rental?
Is your tenant giving notice in two months, or has your apartment been empty too long? Every week without a tenant is less cash in your account. There are practical ways to limit these gaps and even see them coming: reducing rental vacancy is a key goal of long-term rental management.
Plan ahead from the start
To avoid vacancy, attract the right tenants from day one. That comes down to three things:
- A killer listing: quality photos, a clear description, and the selling points up front (transit, storage, natural light, fiber internet).
- A consistent price: too high and you waste time; too low and you lose money. Look up the rents in your neighborhood.
- A move-in-ready property: clean, repainted if needed, with equipment in good shape. A bit of home staging can make people fall for the place.
React fast as the move-out date approaches
As soon as your tenant gives notice, act right away:
- Prepare the listing and the viewings as soon as you receive the notice.
- Schedule any work (a refresh, a new water heater) so it’s done between two tenants.
- Keep the gap between tenants as short as possible.
Tip: if your outgoing tenant is cooperative, you can schedule viewings during their notice period. It speeds up the whole process.
Make your property irresistible
A property that rents fast is one people like:
- A clean, working kitchen and bathroom: these are the two rooms that trigger a “yes” or a “no” from applicants.
- Well-laid-out spaces: sometimes, turning a sofa around or adding a shelf makes an apartment more livable.
- Modern comfort: adjustable heating, double glazing, high-speed internet ready to go.
You can also use the time to do targeted work that will help you increase your property’s profitability once the new tenant moves in.
Manage like a pro, or get help
If you don’t have the time or desire to handle the back-and-forth, the calls and the viewings, you have two options: go with professional management (an agency or concierge company), or automate as many steps as possible, such as virtual tours, pre-screening through a form, and automatic sending of applications. The less time you lose, the more efficient you are.
Keep your tenants to avoid vacancy
The best way to handle rental vacancy is to not have any. A tenant who stays means stability, steady cash and peace of mind:
- Be responsive when something goes wrong: a broken water heater shouldn’t linger.
- Maintain your property regularly to avoid surprises.
- Stay on good terms with your tenant, without having to be friends.
With a bit of planning, an attractive property and tight management, you can keep your apartment occupied almost nonstop.
Related reading
Enzo Bortone has been an Unlocker co-founder since June 2022 and leads business development. He first held several sales roles through work-study programs (sales engineer, sales manager). Today, he helps concierge companies with carte G delegation (the carte G being the French property management license) and split payment.
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