Running a rental exposes you to the risk of property vacancies. Some of the reasons may not be within your control, such as renters relocating for their jobs or other life-changing events.
As a landlord, you need to be prepared to deal with these situations. You should prioritize finding a new tenant right away to reduce the loss of income caused by a renter breaking a lease early.
There are also other risks involved with keeping a vacant rental unit. Read on to learn about the risks that come with an empty rental space, and how to manage them.
It Attracts Trespassers
Theft and vandalism are fairly common when a rental unit is empty. If you rent out a fully furnished unit, it can be at risk for looting. Appliances, furnishings, and even pipes and wires can be taken away and sold off.
Another set of people you need to be wary of are vandals who are prone to damage properties by spraying paint and leaving marks to deface the property.
An effective way to prevent theft and vandalism is to set up a security camera. Catching these incidents on video can make it easy to catch the culprits.
Installing a motion sensor device can also drive trespassers away from your vacant rental unit. You might even take it a step further and include an audio recording sound to make intruders think that the property is not empty.
It Appeals To Squatters
Another danger that vacant rentals bring is the presence of squatters who are drawn to residing in unoccupied spaces. Given that furniture and some utilities are available, squatters may make your rental unit their new home. This leads to faster wear and tear, which would result in additional repair fees if damage gets heavy.
Apart from the scenario cited above, squatters are also risky since you can end up consuming a lot of time evicting them. Legal compliance is required for the removal of squatters, so it is best not to be faced with this type of problem.
Landlords can set up a security system to prevent squatters from occupying a vacant rental property. Make sure that the angle of the security camera is focused on the entry points of the property where people access the unit. An alarm can also be effective in scaring off trespassers.
It Can Result In A Fire Incident
If your rental property has been vacant for some time, the risk of fire breaking out can be high. Home systems not in use can lack maintenance and lead to overheating if any flammable materials are left in dangerous places.
In addition, some intruders may hang around your property and leave lit cigarettes or candles behind. To avoid potential fire outbreaks, landlords must perform regular property inspections to ensure that the home systems are in an excellent state and to monitor any trespasser activity.
A great way to prevent intruders from entering your vacant rental property is to focus on curb appeal. If your yard shows a well-tended space, then there is little chance of people thinking that your property has no residents. Collect junk mail regularly so people will avoid thinking that the rental is empty.
It Increases The Risk of Water Damage And Mold
Since no one is residing in your rental property, it can be prone to water damage. It might even be too late to discover that there are leaks with no tenant putting in a request for property maintenance. Once a leak exists, mold can start to form in the different parts of the property, which can be an additional problem.
Expensive remediation costs for water damage and mold can be avoided if you do the following:
- Drain the pipes to reduce water flow
- Close all the faucets
- Fix leaking pipes right away
- Pay attention to the gutters, especially on windy and rainy days
Before accommodating new renters, ensure that your property does not have any leaks. You may contact a home inspector to help you determine the condition of your vacant unit to address issues immediately and reduce problems down the road.
Drawbacks of Vacant Rental Units
With no rental income coming in each month, landlords may find it costly to book property repairs, replace damage caused by normal wear and tear, and start property upgrades. It is recommended to set aside a budget for vacant periods since this is expected when managing a rental space.
Operating a rental, even when it is vacant, will still require paying for taxes, utility bills, and possible homeowners association (HOA) fees. You will also need to pay for maintenance since you will want to present an attractive space to interested potential tenants.
To create more value, you may also need to hire a gardener to improve your curb appeal and a professional cleaner to keep the space pristine. Overall, these expenses can add up so landlords should market their vacant properties quickly.
If you have little time to plan marketing activities and advertise a vacant rental unit, you may consider hiring a professional property management company.
Bottom Line
Without renters, unoccupied rental spaces can attract thieves, squatters, and vandals. Vacancies also result in increased property damage and fire risks. That’s why, property owners must prioritize attracting new tenants right away to reduce these potential issues.
Engaging the services of a reliable property manager can be an effective solution. At Stringer Management, we market vacant properties relentlessly, arrange for regular property inspections, and help stage your rental to attract more prospective renters.
We also provide security and keep your vacant rental property from squatters, vandals, and burglars. In addition, we offer valuable services, such as tenant screening, rent collection, property maintenance and repair, lease drafting, and more. Contact us today!
