Investing in real estate and renting property can be a great means to make money. In fact, 96% of people who have invested in real estate believe their decision helped them achieve financial success. However, there are a few times when owning investment property can lose you money, such as when your rental properties are empty in between renters. Use these tips to avoid costly empty rental spaces and keep your properties fully rented as often as possible.
1. Plan Ahead
As soon as your tenant informs you that they're looking to move out, start looking for your next renters. Getting an apartment rented takes time; potential tenants need to find your property, walkthrough, make their decision, sign leases, and so on. Moving isn't a fast process, so give yourself the best chance to keep your apartment filled by listing it as early as possible.
2. Watch Your Advertising
The only way you'll be able to keep renters in your apartment is by making sure they find your listing in the first place. List your rental property in multiple places: in apps, online, even in newspapers. Rental property listings need to be easily found by potential tenants in order to reduce the amount of time your property sits empty. The faster potential renters can find your space, the faster they can make the decision to move in.
3. Make Use Of Technology
Today's technology makes keeping all your properties rented easier than ever. Between rental listing apps, market rent rate calculators, and neighborhood search tools, there are plenty of online resources to keep your rental properties full. Subscribe to Rentometer's email newsletter to stay up-to-date on the latest trends in rental housing.