5 Primary Factors that Affect How Long it Takes for a Vacancy to Rented?
One of the main questions that our new clients want to know is how long is it going to take to rent their property. As a company, this is one of the main things that we do and focus on with laser like focus to rent properties as fast as humanly possible. But there are several factors that directly affect this timeframe. Let’s take a look at those 5 Primary Factors and reference a couple secondary factors that can increase or decrease the time to rent a home or apartment unit.
- Rental Amount: The rental amount is the single most powerful lever you can adjust to rent your property faster. Of course, we want to maximize the rent for our investors so we start with the Market Rent, before considering making any adjustments or concessions.
- Condition of the Property: At Centurion, our minimum standard for all of our rentals is Clean, Safe and Habitable. However, the better overall curb appeal and amenities that your property offers in comparison to similar properties is going to be noticed by prospective tenants out shopping for their next place to call home.
- Location of the Property: As they say in real estate, it is all about Location, Location, Location. This holds true in the rental market as much as it does for someone buying real estate.
- Advertising: You must have an appealing marketing and advertising offering that is well distributed to all the main channels to reach your target market of prospective tenants for the property you are offering for rent.
- Market Conditions: This factor is HUGE and one that we can’t control. The rental cycle moves in seasons, so even if you are in a great overall market, but it is the during the Christmas season or the dead of winter, that is going to affect how quick you can rent up a property.
There are other secondary factors that can affect how long a property takes to get rented that need to be considered as well. The 2 most evident and common are:
- Speed of Turn/Make Ready Process: This has to deal with vendors and maintenance issues and how fast the property takes to be made “Rent Ready”.
- Speed of the Application Process: How fast a company can show a property and get a tenant to apply for the property then effectively screen the prospective tenant(s) application and move them through the approval process and to the point where the move-in paperwork is completed, move-in funds received and keys released to the tenants to actually begin the occupancy is another factor that can affect how long it takes to get a property rented.
- Accepting Pets is another factor that can greatly reduce your vacancy time. With over 60% of renters having a pet this is too huge a portion to exclude without it having an effect on your ability to rent.