The rent is set too high – the market and tenants determine rent. We are constantly monitoring the market rent on behalf of our property owners. High rents can lead to long-term vacancies, which ultimately affects the return on your income.
High vacancy rates – if there is a high ratio of properties to tenants, it will have an affect on the vacancy factor. Tenants have more choices and are in a stronger position to negotiate on rents.
Poor presentation – it is important that the property is maintained in an excellent condition to attract the same quality of tenant. A tenant will often have a choice between 2 or 3 properties.
Accessibility to local facilities & transport – often the property can be maintained in an excellent condition, the rent is at market value and it still remains vacant. This could be due to its location. Tenants today (due to the supply & demand) want more for their money. Often they require a property that is close to shops, transport, schools, cities or towns.
If your property is still vacant, contact our office today and we will give you an obligation FREE report on the market rent achievable and possible improvement suggestions.