Here are 6 of the top reasons why rentals don’t lease up:
Rent is too high for the area:
All investment owners want to see a “return on investment” but trying to lease up a rental for more than other rentals in the area is the #1 reason that tenants walk away. It is important to remember, something is only worth what people are willing to pay for it. If you have a lot of traffic through the unit, but no one is “jumping” to fill out the application it may be time to re-assess your desired rent.
Aesthetics tells a lot when a potential tenant is viewing a potential place to rent. A large stain in the center of the room, or torn carpet in the doorway can give the impression to the tenant that you don’t “care” about the property. What would happen if there is a problem if they rent from you, will you not “care” about making repairs as well???
Ew, just ew… No one wants to be in a home that looks dirty and grungy. Sometimes a good scrub down or even a coat of paint will brighten up a room, and show that you “care” about your property as well as your tenants.
Broken doors/ Loose doorknobs
Would you want to live somewhere that wasn’t safe. Even in the safest neighborhoods crime happens. Did the previous renters have a bad temper and punch a hole in the door? Is there a loose screw on the door knob. Fix it up and show that your tenants safety is important to you.
Does it smell like sweat, smoke, burnt cooking??? No one wants to smell something that will drive them crazy that for very long. A fresh coat of paint can cover up and seal many smells. Using a strong cleaner and opening the windows to air it out can help as well. It has been shown that many smells can bring back a sense of nostalgia and joy. Cookies, vanilla, cinnamon, or even a gentile cleanser…. Those are the kind of smells you WANT when showing a potential tenant your rental.
In the end, the property may have a “fatal flaw”. Is there a detached garage in an area that has extreme temperatures? Are the ceiling heights really low? Sometimes there is nothing you can do but search for the right fit.