A successful apartment has the majority of its units filled. However, no apartment or condo is immune to vacancy; it plagues multi-family buildings everywhere. The trick is getting it down to a minimum. When you have high tenant turnover, you lose money. The longer you can keep tenants, the more money your apartment can make.
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.