August 16, 2018 at 4:43 PM

 

Sometimes a property is vacant for longer than expected and getting slightly less in rent is far better than getting no rent at all!

 

Every now and then the new tenant market goes quiet resulting in no solid tenant enquiry. After five days of being vacant, we recommend a rent change to 95% of the current market rate, just to get it rented really quickly.

 

To have any property sitting empty for a couple weeks (or more) is a substantial loss in income, compared with dropping it 5% below the current rental market to rent it quick. After six months it is likely that full market rent can be established again, to get the rent back on track.

 

If you need help managing your property and finding new tenants or you have any questions about Residential Rentals property management, please do not hesitate to contact us at Residential Rentals Ltd.