Over the years of running a rental property business, you will have experienced vacancies. Some renters may choose to end the lease early while others would need to relocate for a job. When this happens suddenly, it’s best to prioritize finding a replacement.
Vacant properties can cause income loss for you since you will be paying for maintenance and repair fees without having any tenants paying rent. Besides that, you can encounter more risks when your unit is empty of tenants.
In this article, Sun-Pro Realty and Management will look into the risks faced by landlords with vacant rental properties and recommend solutions that will help you resolve the issue of vacancies and keep your property safe.
Common Risks of Vacant Rental Spaces
Theft and Vandalism
With no person supervising or residing in a property, it becomes a focus for thieves and vandals. These vacant units may contain valuable pieces such as appliances, furniture, copper wires, and aluminum pipes that can be sold off for a good price and attract the thieves.
Other intruders like vandals also contribute to property damage when they leave their marks on the unit while trying to steal. To limit both vandalism and burglary incidents, you can purchase and set up a security system so that you can drive away potential trespassers and catch or record them easily.
Another useful device you can set up is a motion sensor, so that intruders will avoid your vacant rental property. Additionally, you can record sounds that will discourage anyone from entering your unit as they will think there are residents inside.
Squatters
Another problem that vacant properties present is squatters who are prone to staying inside empty rentals. With comfortable furniture and ready utilities, squatters are attracted to the vacant rentals. This can result in faster wear and tear and heavy property damage.
However, what’s disturbing and stressful about discovering squatters on your property is evicting them. You need to comply with the legal way of removing squatters from your rental space. It is advised to take proactive steps to prevent this as the process of eviction can take a lot of time and effort.
Similar to tackling theft and vandalism, setting up a security system can deter squatters. Make sure that your camera is facing the entryways since these are the main access points. It’s crucial to find a good angle to ensure proper documentation of all the activity in the property. Consider installing an alarm to further deter squatters from your rental.
Fires
With a vacant rental property, the threat of fire is even more evident since the home systems are hardly used, resulting in overheating due to lack of maintenance. Additionally, you may not be aware that any flammable materials are next to the heater, leading to a potential fire outbreak.
To limit fire damage, you need to perform regular property inspections to check whether your home systems are in upkeep condition and there are no trespassers occupying your unit to ensure safety.
Another strategy you can adopt is maintaining the curb appeal of your unit. If your exterior space is maintained, it will be hard to tell from the outside whether the unit is occupied or not. Also, practice collecting any junk mail so your rental will not appear as empty to the passersby.
Water Damage & Mold
As a landlord, another thing you should yourself against is water damage, which can sometimes be difficult to notice when you have no tenant reporting the issue. It may take a few weeks to learn that water damage occurs as you will see mold starts appearing on the walls, floors, carpets, and ceilings.
You can avoid this problem by ensuring that the pipes are drained to limit water flow. Keep all faucets closed and arrange repairs for any leaks you find. While mold can ruin the appearance of your rental space, it can also be a health hazard, so you need to prioritize solving water damage right away.
Additionally, you can also clean the gutters after the autumn season or before the rainy days. You may engage the services of professional inspectors to determine whether any damage needs to be fixed before accepting a new tenant in your rental.
The Downside of A Vacant Rental Unit
Given that no monthly rental payments are received, it can be costly for you to schedule repairs, replace furnishings damaged by normal wear and tear, and start renovations. Also, keeping up with regular maintenance would mean spending your money. So, it is crucial for you to market strategically to earn income that covers the rental operation costs.
Additionally, you will also need to pay for utilities even with no renters since you need to use the lights and check the running water from time to time. Apart from that, you also need to do landscaping tasks to keep up with your property’s appearance. All of this adds to the expenses that a vacant rental property brings.
Bottom Line
Rental properties devoid of residents can lead to stress from factors such as loss of income, potential intruders, and property damages. To eliminate the risk of vacancies, you can consider hiring a professional property management company like Sun-Pro Realty and Management.
Our excellent property management team will help you market the vacancy intensively, conduct consistent property inspections, and keep your empty rental home out of reach from squatters, vandals, and burglars.
On top of marketing and property maintenance, our property managers will also help you in other aspects of property management such as drafting a lease agreement, screening tenants and much more. Contact us today to learn more about our services!