Our office understands that many investors rely on the weekly rent to meet mortgage commitments. You can be assured that every endeavour is taken to minimise vacancy periods.
Listed below are some reasons why properties may remain vacant for an extended period of time.
The rent is too high
The market and the tenants determine rent. We are constantly monitoring the market rent to ensure that you are receiving the maximum return on your investment. High rents can lead to long-term vacancies or high tenancy turnovers, which ultimately affects your income.
High Vacancy Rate
If there is a high ratio of properties to tenants (more properties than tenants) it will have an effect on the vacancy factor. Tenants have more choices and are in a stronger position to negotiate on rents.
Poor Presentation
It is important that the property is maintained in an excellent condition to attract the same quality of tenant. A tenant will often have a choice between multiple properties.
Accessibility to local facilities and transport
Often the property can be maintained in an excellent condition, the rent is priced at market value and yet it still remains vacant. This could be due to its location. Tenants today (due to the supply and demand of properties) can be choosey.
Often they require a property that is close to town, shops, clubs, the beach or water, transport or schools, etc.
Every endeavour is made to locate a quality tenant to suit your investment property, and we will keep you updated on a regular basis on our progress with sourcing a tenant.
ELDERS REAL ESTATE CLEVELAND
We will value you, as well as your home
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