How to minimise vacancy rates for your rental property

We frequently receive enquiries about how to minimise vacancy rates for your rental property. And the answer, quite simply, is ‘that depends’.

Minimising vacancy periods is essential for maintaining a steady cashflow and maximising your investment. However, finding the balance between regular income and achieving the best return on your property can be challenging.

Here are some tips to help you reduce lengthy vacancies:

Focus on Long-Term Rentals

While short-term rentals may offer higher daily rates, they also come with increased vacancy periods and management costs. A long-term renter means you have more consistent income and less upkeep.

Set the Right Rental Price

While it might be tempting to try and get the highest possible rent for your property, it also means you risk your property being empty for a lengthy period. On the other hand, if you price it too low, you are missing out on revenue. Understanding the local market is key, and this is an area in which property managers are experts.

Maintain the Property Well

Keeping a well-maintained rental property has a number of benefits:

• Renters are more likely to want to stay long-term in a property that is well looked after. It’s also more attractive to new renters.
• Regular maintenance helps reduce the risk of major repairs that could see the property being empty for lengthy periods
• Maintaining the property well means you are compliant with Victorian rental minimum standards

Advertise Effectively

Use quality images and list on multiple platforms. The more visible your property is, the more likely it will be that you will rent out the property quickly. Ensure the listings include high quality images that capture the best parts of your property.

Plan For Renter Retention

Be proactive with the renewal before the expiration of the current lease to improve the likelihood of your existing renters staying longer. Ensuring you address any concerns promptly throughout the lease period can go a long way to encouraging renters to extend.

Work With a Professional Property Manager

A property manager is one of your best assets when it comes to minimising vacancy periods for your rental property. We will assist you with all of these processes, from conducting thorough screening to help ensure you get the right renters for your property, pricing the property correctly and stay compliant with Victoria’s rental laws.

Find out

To find out how we can help you minimise vacancy periods, reach out to enquiries@livingmelbourne.com.au