It’s frustrating when your Daytona Beach rental property doesn’t rent as quickly as you expect it to. In a strong market like the one we’re seeing in 2021, any well-maintained and competitively priced property should rent within weeks.
Vacancies are expensive, especially if you rely on that rental income to pay a mortgage on the property.
While every property is going to have its own strengths and weaknesses on the market, experience has shown us that there are three typical reasons that a home will be slow to rent.
Your Property is Priced Too High or Too Low
The right rental value will attract the right tenants.
If the rental amount you’re asking is too far above what the Daytona Beach rental market is demanding, it may take longer to find a tenant willing to pay that amount. Remember that the market changes frequently. You have to study what similar homes are renting for right now in your area. Maybe a friend rented out a property for $2,500 last month. That doesn’t mean you’ll get the same rent. You need access to reliable data that speaks to what tenants are paying right now. An overpriced home will always take longer to rent, and it also risks attracting unqualified tenants. If a renter is getting denied at other properties, they’re likely willing to pay a bit more to find someone willing to accept their application.
There’s an equal risk in pricing your rent too low. This can also contribute to your property not renting quickly. Good tenants might question why your rent is so low. They may suspect there’s something you’re not telling them, or they’ll worry that your listing is a scam. Dropping your price point to a bit below market is fine – you’ll be sure to attract great tenants quickly. Just don’t go too low.
Your Rental Property Marketing Needs Help
First impressions are critical to prospective tenants. You need professional photos and videos because those are the things tenants will look at first as they’re scrolling through online advertisements. If you can’t take high quality photos yourself, hire a professional photographer.
Qualified tenants looking for homes will decide if they want to see your property in a matter of minutes after they view your listing, so it has to count. Provide concise and accurate descriptions to complement the photos. Include pertinent information such as rental amount and when the home will be available. Always mention that you’ll consider pets because that will immediately expand your pool of potential tenants.
Make sure your house will get the right amount of attention by advertising it on all relevant online platforms. You have to do more than post an ad on Craigslist.
Your Property is Deteriorating and Needs Upgrades
If you are comfortable with your rental price and you’re spending a lot of time and resources on marketing, but you’re still not able to rent your home, the problem may be with the home itself. You need to take an objective look at the property condition and decide whether tenants are willing to move into that property.
Look for obvious repairs that may be needed. Put a fresh coat of paint on the walls. Clean the carpets or pull them up and install low-maintenance hard surface flooring. Have the property professionally cleaned. Look at your landscaping. Are the appliances old and unappealing? All of these things will impact how quickly your property rents.
Your rental property has to stand out in a competitive market.
If your Daytona Beach rental property is left vacant on the market for longer than you’d like, check these three things. If you have additional questions, we’d be happy to help. Contact us at Oceans Luxury Realty.