After a challenging year for many landlords, guaranteeing that your investment property is occupied this summer will provide some peace of mind and allow you to enjoy the holiday season.
On the flip side, if you are left with a vacant property in November or December, it often takes longer to find a tenant as most of us tend to postpone any plans to shift homes at least until the middle of January as we take a well-earned Christmas break. Raine & Horne’s statistics even back up this argument, with most holiday rentals in markets around Australia almost fully booked for the summer break. Moreover, if you own an investment property in an area with a high vacancy factor, then it’s even more important to take steps to keep a quality tenant in place.
Therefore, if your investment property is coming to the end of a lease agreement soon, with the assistance of your Property Manager, there are some strategies to consider that will help ensure it is fully occupied over the Christmas break.
One strategy involves offering your current tenant a shorter lease – usually, six months is the norm to help get you and them, across the summer holiday hump. Nothing is stopping you from offering your tenants a three or four month agreement, especially if they have indicated they wants to vacate your property in the short-term – but not necessarily immediately.
Similarly, if you are starting with a new tenant this month, then offering a 13 or 14 month lease will help minimise the chance of the property falling vacant during the summer 2022 break.
Landlords also need to consider the condition of the property and if anything needs fixing, get onto it pronto to ensure you keep your tenants happy. With so much at stake, it is worth going the extra mile with improvements such as a coat of paint, new carpet, or flooring, or even adding modern appliances.
For more tips to help ensure your investment property is occupied this Christmas, don't hesitate to get in touch with your local Raine & Horne office today.