Reasons Why Your Rental Is Still Vacant

For each month your rental unit stays vacant, you lose potential rental income. The key is to address the issues that may be causing your low vacancy rate and implement a better unit turnover process. Spectrum Realty Property Management is a full-service property management company based in Jacksonville, Florida. Let’s walk through some of the reasons why a rental unit may remain vacant and ways to mitigate low vacancy rates in Northeast Florida.

Priced Too High

One of the biggest causes for rental unit vacancy is an unjustified or too high monthly rental price. Prospective tenants often use their rent budget as a main tool for searching for rental properties – if yours is priced too high then they aren’t seeing them in their search. If they are, they’re most likely discouraged and skipping the listing. Completing a thorough rental analysis with current market comparables will go a long way towards identifying the most appropriate pricing for your Jacksonville rental property. Spectrum offers a Free Rental Analysis to help property owners evaluate the potential of their rental property.

Needs Cleaning or Maintenance

Ensuring your rental unit is well kept and clean for prospective tenants is key, along with updating things like plumbing, electric, paint, and flooring when it’s needed. This can become a pitfall for property owners who live out of town and do not personally tour the unit frequently. That’s where a full-service property management company like Jacksonville’s Spectrum Realty Property Management can step in and serve the property owner. We have tried and true processes for addressing maintenance concerns with active tenants, as well as vacant units. This service is particularly helpful for property owners who live out of town and need reliable help in maintaining their rental units.

Insufficient Marketing

Marketing is an absolute necessity to fill a vacant rental unit in Northeast Florida. Low quality photography, failure to list amenities, or not posting the listing on enough websites are a few of the most common rental unit marketing flounders that could be the cause for your low vacancy rate. Spectrum provides a comprehensive market analysis for each property we manage to maximize the owner’s return on investment (ROI) and reduce vacancy rates. Our focus is consistency, visually appealing photographs, and informative data that prospective tenants are looking for.

While the cause for a rental property’s low vacancy rate could be a plethora of things, these three are the most common reasons. If you’re having a hard time filling your vacant rental, need help screening tenants, collecting rent, or marketing your unit, contact the longtime professionals at Spectrum Realty Property Management today! We provide you peace of mind by proactively managing, protecting, and growing your asset as if it were our own.