HOW TO FILL A VACANCY FASTER WITHOUT LOWERING YOUR STANDARDS Filling a vacancy is a challenge right now. Across multiple markets, we are seeing units take longer to rent. It could be for a variety of reasons, such as increased inventory or economic uncertainty. Either way, you have a vacancy, and you need to get it filled as quickly as possible. Vacancy is a silent killer of profits. But we also know that who you pick to rent your unit matters. A list of rental criteria is your first line of defense when picking a tenant. The challenge is that stricter criteria can lead to longer vacancies. So how do you balance your criteria versus getting a unit rented as quickly as possible? Let’s dive in. UNDERSTAND WHO YOU’RE TRYING TO ATTRACT As you prepare the unit to go to the market, there are preliminary steps to take.
business does this exercise. Many businesses will create “avatars” to define who their ideal customer is. Once your “avatar” is set, make sure your unit is tailored to attract your renter profile. Expect high- income earners who work from home? Include wiring for the fastest internet possible. If your goal is student housing, have bike racks available. This helps attract renters who fit your ideal screening requirements.
To begin with, determine not just who your ideal tenant is (because we all want that on-time, quiet individual) but who is renting in your area. Your criteria should align with what is practical in your neighborhood. For example, expecting an 800-credit score may not be realistic in every part of town. Every
MAKE SURE YOUR UNIT IS TAILORED TO ATTRACT YOUR RENTER PROFILE.
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