What to do When your Renter Moves Out?

Having a renter move out is never an easy experience. As property owners, we invest a lot of time and money into maintaining and renting out our properties, so it's understandable to feel a bit unsettled when renters move out. But what if we told you that this shouldn't be a source of stress? In fact, having a renter move out may be an opportunity to take advantage of. By renovating the unit and increasing the rent based on improvements, you may be able to take your property to the next level. Let's explore why you shouldn't stress if a renter moves out of your property and how you can benefit from this opportunity.

Make Renovations to Your Property

One of the greatest benefits of having a renter move out is that it provides an opportunity to make renovations to your property. By making updates and improvements to your rental unit, you'll not only keep your property in top condition, but you may also be able to increase the value of the unit, which will ultimately increase rental rates. Some popular updates that you can make include updating appliances, replacing countertops, and refreshing the paint in the unit.

Increase Rental Rates

Another advantage of a renter moving out is that it allows you to increase rental rates. By making renovations to your unit and marketing it as an updated, high-quality rental, you can justify charging a higher rental rate. Before increasing your rental rates, however, ensure that you research the current rental market in your area and determine what other comparable units are renting for. This will help you establish a realistic and fair rental rate increase that your future renters will be willing to pay.

Find the Perfect Renter

When a previous renter moves out, it gives you the opportunity to seek out the perfect renter for your unit. This can be especially advantageous if your previous renter didn't always treat your property with respect. By using this transition as an opportunity to find a renter who is a better fit for your unit, it may decrease the chances of property damage in the future and ensure that your property is well taken care of.

Negotiate Rental Terms

Lastly, having a renter move out provides you with the opportunity to negotiate rental terms that may have been problematic with the previous renter. For example, if your previous renter refused to pay pet fees, you can find a new renter who is willing to follow all the rental terms and agreements from the very beginning. This way, you can have a better relationship with your renters, and this partnership can last for years to come.

In conclusion, having a renter move out can be an opportunity to take advantage of instead of a source of stress. By renovating the unit and updating the property, you can increase the rental rates and the value of the unit. You can also find the perfect renter as a replacement and negotiate rental terms that caused problems with the previous renter. So, don't fret over having a renter move out. Instead, take the opportunity to improve your property and set yourself up for success.

Contact Shawn Wilmoth REALTOR® today for help finding exactly what you're looking for.

www.shawnwilmoth.com