Sitting with an empty rental property is one of the worst and most common fears among landlords. You’ve spent your time and money acquiring this rental property; without a tenant, you could lose money.
There’s always a reason - or multiple reasons - why your property won’t rent. Sometimes, the reasons are unexpected and require a simple fix.
By the end of this article, you’ll become aware of some of the most common and surprising reasons rental properties stay vacant in Gilbert, Arizona, and how to fix them.
Why Won’t My Property Rent in Gilbert, AZ?
It’s the ultimate frustration of a landlord in Arizona to have a vacant property. It’s up to you to identify the problem and make your rental more attractive to renters - starting with identifying the reasons why it won’t rent.
1. The Rent is Too High
Finding the sweet spot for your rent can be tricky and often requires some testing of the market. As a real estate investor and landlord, your goal is to make as much profit as possible, but being too greedy comes at the cost of having a vacant property.
Prospective tenants will look for a better deal elsewhere if your rent is too high.
To fix this problem, conduct a comparative market analysis. Examine similar rental properties in the area to yours and follow their lead in pricing.
2. Inadequate Marketing
Long gone are the days of renters scouring through newspaper ads or looking for “For Rent” signs outside of a house while walking along the street. Instead, they are searching online through rental listing websites or directly on property management company websites.
If your property listing does not have professional photos with high-quality resolution and accurate descriptions, then potential tenants will scroll right past it.
3. Undesirable Features
If you invest in an older property, it may have some undesirable features, such as a strange layout or small bedrooms. For modern tenants, these features could be a make-or-break in their decision to contact you.
When faced with this situation, try to find a remedy to make these features more desirable. Sometimes a discount on the rent is the best solution or some renovation to diminish these undesirable features.
4. You Don’t Allow Pets
When you completely ban pets from living in your rental property, then you’re closing the door on hundreds of potential tenants.
Let’s examine the statistics. 45% of the rental market is made up of Millennials. Of those Millennials, 33% of them own pets, making them the generation with the most pet owners.
Allowing pets creates more opportunities to find tenants. If you’re worried about damage, request an extra pet deposit or take preventative measures, such as installing hardwood or luxury vinyl floors.
5. Unattractive Curb Appeal
Upon first glance at your rental property in Gilbert, you want to make a good impression. Unattractive curb appeal, such as chipped paint on the front door, overgrown plants or grass, and dirty siding, could prevent potential tenants from showing interest.
Spend some time cleaning up the outside of your rental property and making it look attractive and presentable.
6. Security Concerns
While the crime rate in Gilbert is relatively low compared to nearby cities, if a potential tenant does not feel that your property is safe, they likely will not want to live there.
Taking extra steps to make the property more secure, such as adding outdoor lighting, a security system, and extra deadbolt locks on the front door, will put tenants at ease.
7. Unreasonable Lease Terms
In a perfect world, every landlord would get what they want, and their new tenants would sign their proposed lease without any questions or requests. However, tenants have rights and can negotiate unreasonable lease terms.
Some common reasons why your property won’t rent is due to requesting too much in security deposit or not allowing cosigners for tenants who need help proving their financial responsibility.
Be willing to negotiate with prospective tenants, especially if they have the qualities you are looking for in a good tenant.
8. Outdated Appliances
Renters want to move into a property they feel is worth the rent they’re paying each month. Installing updated and energy-efficient appliances is one way to justify an elevated rent price.
When prospective tenants tour your property and find an old white and rusty stove range or a refrigerator from 20 years ago, they may see your property as less desirable.
9. Lacking Desired Amenities
In a competitive rental market, one way for your property to stand out is by including desirable amenities. These amenities include central AC, a washer and dryer in the unit, and updated bathrooms.
Tenants are more likely to rent your property if they see themselves living a comfortable and convenient life there. We live in a culture where everyone runs around being as productive as possible, which also translates into the home.
If you add amenities that make life easier for your tenants, they will see the value of your property much more.
Decrease Vacancy Rates with Stratton Vantage Property Management
One of the quickest ways to identify why your property won’t rent in Gilbert, AZ, is to work with one of the leading property management companies in the area.
Stratton Vantage Property Management assists hundreds of property owners in maximizing their ROI by acquiring high-quality tenants, collecting rent, maintaining property value, coordinating repairs, and increasing tenant renewals.
In just 30 days, your property can be filled and leased to a high-quality tenant placed by Stratton Vantage, thanks to thorough tenant screenings and effective marketing tactics.
Are you ready to identify the reasons why your property won’t rent in Gilbert, Arizona?
Request a free rental analysis and speak with our property management experts at Stratton Vantage today!
