Rental Vacancies: Important things Brevard County Landlords Need to Know
If you’re a landlord, there’s a chance that your property will be vacant at some point. Experiencing a vacancy is one of the most stressful aspects of being a landlord. Fortunately, Brevard County rental property vacancy rates are near the lowest levels they’ve been over the past several years. Low rental vacancy rates are largely due to limited housing inventory, making the rental business lucrative.
However, low vacancy rates across Brevard county do not guarantee that you’ll always have a tenant for your rental property. When faced with having an empty rental, it’s crucial to understand how long you can sustain it without tenants and how to secure new tenants. If you find yourself between tenants, there are a couple of things you can do to help avoid a lengthy vacancy period.
Hire an experienced property management company
For many landlords, their income property simply cannot be their first priority. Whether juggling a full-time job, family obligations, other business, or multiple investment properties, it can be overwhelming to give your rental property all of the attention it needs. A reliable, knowledgeable, and experienced Brevard County property manager can make daily overview and regular maintenance of your rental property much more manageable. Professional property management companies are dedicated to helping you take care of your legal obligations as a landlord, your tenant’s issues, and the upkeep of your property.
In addition, property management companies can help rent your property out more quickly. Property managers are experts at marketing your property and utilizing rental networks to find reliable tenants quickly. At Rent in Brevard Property Management, we charge nothing during vacant periods and also offer a 45-day tenant placement guarantee. This means that we will find you a suitable tenant within 45 days or less, guaranteed — as long as it is priced within market value.
Seek Long-Term Tenants
It’s much less stressful to have reliable, long-term tenants than having to manage multiple tenants moving in and out. With this in mind, it’s crucial to assess potential tenants for suitability. Finding the ideal tenant can be overwhelming, but there are some things you can do to help you decide between prospective tenants.
When seeking long-term tenants, be sure to do the following:
- Conduct a background check
- Confirm current employment and previous employment history
- Check their credit
- Aim for a minimum of a 1-year lease
If you’re not sure how to conduct a thorough tenant screening, speak to a local Brevard County property manager for more advice.
Utilize Vacant Periods
Vacancies are a good time to complete maintenance and general housekeeping. For example, if your rental requires any repairs or updates, it’s much easier to complete them if the property is empty. This is also a good time to prepare your property for a new tenant by deep cleaning or updating it. It’s also important to remember that even if your Brevard County rental property is vacant, you may still incur expenses, such as property tax and interest payments on the mortgage. It’s important to keep accurate records of all expenses you incur as a landlord for tax purposes.
Renting Out Your Brevard County Home
Are you a landlord in Brevard County, Space Coast, or the surrounding area? Rent In Brevard Property Management can help you manage your rental portfolio effectively to ensure it’s as lucrative as possible. We handle all aspects of rentals, including tenant screening and the daily management of your rental property. Our licensed and experienced property managers are members of the Florida Association of Realtors and focus solely on property management. For a more in-depth discussion about your rental needs and how Rent In Brevard Property Management can help you, click here.