Are you struggling to fill several empty units in your apartment building even though you've tried every possible avenue? Social media isn't working, and your advertising efforts are failing to generate prospective tenants. Well, here's what you should know. It may be beyond your control.
Topics: Reduce Vacancy Rates
If it’s hard for you to get your tenants to renew their unit leases, you may have a problem with tenant turnover. Ideally, you’d like good quality tenants to set up camp for a long time, but that usually doesn’t happen. A new job or circumstances can cause your tenants to leave, or it could be a problem with your building.
Everyone knows there’s a big difference between talking the talk and walking the walk. Property management companies can excite you with plans and promises, but do they actually deliver on them? Is the one you hired worth the expense?
Alberta’s recent recession is still on the minds of people throughout the province. As it’s likely to go down as the worst yet that the province has experienced, it’s no wonder people can’t stop talking about it; neither can investors.
Tenant needs are always motivating factors behind any rental property. If tenant needs (quality, amenities, space, location, etc.) aren't met, well, you won't have many full units. Fulfilling tenant needs while meeting your own will help make your property more successful.