Landlords have to face several risks related to their rental properties, a prominent one being prolonged rental vacancies. At times, you may not be able to find tenants owing to a low demand in the market. Or, you may be unable to retain them due to reasons such as their inability to pay rent due to job loss or an unexpected job relocation. This can lead your Arlington rental to be vacant for an extended period posing several threats to your property and income.
Dangers of Long Vacancies In an Arlington Home
An occupied rental is a great way to generate passive income. However, when vacant for multiple months, it can cause severe financial distress. The loss of rental income will be more challenging to bear if you are dependent on it for paying off the mortgage. Plus, you will need to handle its operational costs, even if it is vacant.
A vacant rental property is more susceptible to damages. Disused HVAC systems stand at a risk of catching fire due to malfunction in systems. Similarly, leakage issues can lead to mold growth and pest infestation. The metal fixtures might rust and excessive dust may build on different surfaces, resulting in the overall degradation of the unit.
Vacant rental units are at a greater risk of being vandalized. An unoccupied home might not sound like the perfect place for theft, but it contains several valuable things, like appliances, HVAC units, fixtures, pipes, and pieces of furniture. Additionally, intruders may also deface your rental with random spray paint and graffiti, which can reduce the market value of your property.
A vacant property can also attract squatters. Since they have not signed a lease with you, the landlord, they are under no obligation to provide you with rent. Evicting them can also be a hassle since it requires an eviction notice and sometimes a legal fight.
If you have property insurance but your rental unit is unoccupied for a period that exceeds the one mentioned in the policy, your coverage can lapse. You might then have to purchase another expensive insurance that covers vacant rentals.
How to Avoid The Damages In A Vacant Arlington Property
If you find that your vacant rental is vulnerable to these dangers, you should take immediate steps to avoid them. Here’s how you can avoid long vacancies in your Arlington rental.
- Increase The Security of Your Arlington Rental
To discourage thieves, vandals, squatters, or other intruders, secure your rental unit with locks, preferably electronic locks that can alert you in case of a break-in. You can also keep in touch with neighbors if you are going to be away from the property. They can then contact you or the authorities in case of any breach of security. You can also hire a security guard or install security cameras and alarms at all main points of entry to deter criminals.
- Maintain The Arlington Property
Regardless of whether it is occupied or vacant, you should
inspect the unit
and maintain it regularly, keep a check on normal wear and tear issues and resolve them immediately to prevent them from worsening.
If you are not able to attract tenants even though your rental is secure and clean, you need to focus on
marketing and advertising the house. Come up with a strategic marketing plan to ensure that people know your home is available for rent. Set competitive prices, and post your rental on popular listing websites and social media platforms with alluring photographs and descriptions.
- Emphasize Tenant Retention
Another great way of avoiding long vacancies is by focusing on retaining tenants for a long time. Once you find a tenant, do everything you can to provide a good rental experience. Be responsive to their concerns and build a positive landlord-tenant relationship.
