A vacant property can be a source of financial distress for you as a landlord, especially if you are dependent on the rental income for your other expenses, like mortgage payments. The vacancy rate in Orange County averaged 2.2% in the fourth quarter of 2021, which is quite low. However, the market can be unpredictable and it is best for landlords to actively implement measures that will help in retaining the existing tenants and attract new ones. It can also help to minimize the vacancy rates in the long run.
Here are a few ways that can help you ensure that Irvine rental property does not stay vacant for long.
Ensure Quality Maintenance in Your Irvine Rental
Property maintenance plays an important role in attracting new tenants to your property and providing a satisfactory rental experience to the existing ones. If your unit looks well-maintained and welcoming, especially during open houses, it can attract more tenants. Additionally, you can adopt timely maintenance and repair practices to ensure that your renters have a convenient stay and do not consider vacating the unit.
Retain The Existing Tenants In Your Irvine Rental Property
The best way to ensure that your Irvine rental is not vacant is by doing everything necessary to retain your existing tenants.
- Avoid Increasing the Rent Too Often
As of April 2022, there are no rent control laws in Orange County, which means landlords can increase rent as often and as much as they wish. However, we recommend that you avoid increasing the rent too often, unless you are adding a lot of amenities to the unit like washer-dryers, garbage disposals, or new appliances. Raising the rent for no particular reason can be extremely inconvenient and off-putting for tenants. Reasonable annual rent increases can help ensure that they stick with you and do not look for another place.
- Offer a Long-Term Lease to Your Irvine Tenants
Most landlords and tenants usually agree upon a 12-month lease as it is convenient and flexible for both parties. However, once that term is over, tenant turnover can become an issue and lead to the property staying vacant. Therefore, a longer lease of two years or more can help you reduce vacancy in your Irvine rental.
- Offer Incentives to Stay
You can also offer incentives to keep your existing tenants happy and to attract new renters. Give your renters small gifts on specific occasions, for example, a welcome gift, holiday cards, vouchers, or free Wi-Fi for a limited duration. This can be gratifying for your residents and motivate them to stay for a longer time.
Study The Rental Market Of Irvine
The rental price you quote for your unit is an important factor impacting how long it stays vacant. If you have observed that your past tenants have not renewed their leases and move out as soon as it expires, you may need to reevaluate your rent structure.
Even though a city like Irvine has reasonable rental rates compared to other areas in California, the average rent in the area has been steadily increasing since November 2021. Therefore, it is essential to understand the market and set competitive pricing depending on what you offer your tenants.
Optimize Your Advertisement Strategies
At times, you may have solely relied on word of mouth to spread the news of your rental’s availability and to find a tenant from mutual friends. However, if your property is not renting out quickly, you need to widen your reach among prospective tenants. You can do this by listing your Irvine rental on websites or social media platforms for maximum exposure. This can help you reach more people and increase the number of potential applicants.
These strategies, combined with a few others, can help you reduce the vacancy rate for your Irvine rental. If you find it challenging to implement these tactics by yourself, you can consider consulting a property management professional.
At HCM Property Management, we have consistently provided our clients with a high standard of services for over a decade. We help them develop and implement innovative strategies to quickly attract new tenants for the long run. For assistance on renting out your Irvine property, connect with us at HCM Property Management.