Why Minimising Vacancy Rates Will be Key in 2021
As we wave goodbye to one of the strangest years in modern history, we start to look forward to what 2021 might bring. And while we don’t know exactly how the property market will react in the next year, we’ll be focusing on keeping your property occupied.
An empty investment property is one without return
You’ll know that the vacant time between tenants could have you thousands out of pocket every month. And in an environment where career, business and working arrangements are in flux, minimising your vacancy rates could provide a welcome level of stability and certainty in 2021.
Attracting and retaining tenants
The best way to keep your property tenanted in the long term is to find high quality tenants and to make it easy for them to enjoy living in your property. While people will still move out to relocate or find new work opportunities, they’re much more unlikely to leave when they enjoy where they live and they feel heard and respected by the property manager they interact with. The other key to keeping your property tenanted is to stay competitive with rent that reflects the market rate. Sydney saw vacancy rates and dropping rents in the second half of 2020, particularly in the city and eastern suburbs. So for some owners – in some areas – there may be a balance to find between revenue and occupancy over the course of this year.
Finding the balance
We know you’ll want to find the right balance between getting a decent rental return and keeping your property tenanted. Keep rents too high, and tenants may choose to go elsewhere. Drop them too low, and you could keep a tenant but lose the full value of your return. Here’s where we can come in. Our dedicated property management services in Sydney are focused in the inner west and eastern suburbs. We’re speaking with tenants and potential tenants in these areas every day, so we have a good hold on what’s in demand, what has less competition and what might be around the corner. We proactively hold regular rent reviews to help you find the ideal balance.
Good residential property management will help you keep your investment property tenanted through a number of areas: polished and professional listings, a rental process that’s frictionless for everyone involved, robust processes around payment and property repairs, and solid advice. If you are looking to find the right provider to support you in 2021, then consider speaking with the team at Let’s Rent.