How Long Does It Take To Find Tenants?
Finding tenants for your rental property is a crucial part of property investing, and the duration it takes to secure a suitable tenant can vary significantly. Several factors influencing this timeline include type of property, property location, condition of property, asking rent, market condition, and marketing strategies. Understanding these variables can help landlords and property managers streamline your tenant search, and minimise vacancy periods.
Property Type
The rental demand for different types of property can vary significantly. Residential property tends to have a much higher demand than other types of property such as commercial or residential. The demand for property can affect how quickly your property gets rented out. For property type with relatively lower demand, you should start marketing your property ahead of time, before your current tenant moves out.
Property Location
Location is a critical factor that affects how long it takes to find tenants. For residential property, tenants are concerned about the safety of the neighbourhood and amenities such as good schools, transport links, and supermarkets. A commercial tenant, on the other hand, wants to be near both its suppliers and customers, ensures that the staff can get to the workplace safely and conveniently, and with ample meal options. Additionally, urban areas with higher densities and more job opportunities usually have higher demand for rental properties compared to areas of lower population density.
Property Condition
The condition of your property plays a major role in attracting tenants. A clean, well-maintained and modern-looking property are natural tenant magnets. It makes the tenants feel more comfortable and facilitates space planning. Conversely, a property that is poorly maintained or even in disrepair is likely to sit on the market longer and can even affect the rent. Whenever possible, make necessary repairs to the property and give it a fresh coat of paint before listing the property.
Rent Expectation
Setting the right asking rent is vital for attracting tenants. If the rent is too high, it may deter potential tenants, causing the property to sit on the market longer. On the other hand, setting the rent too low might attract lower quality tenants. Always conduct a market analysis on the asking rent of similar properties in the neighbourhood to determine a reasonable asking rent.
Market Condition
The rental market in your area directly impacts how long it takes to find a tenant. Very often, when the market demand is strong, your property might attract the right tenants within days. In contrast, areas with over supply of rental properties could see your property sitting on the market for months. Season variations can also influence how long it takes to find tenants. The demand for rental property tends to be lower during school holidays, and festive periods.
Marketing Strategy
How and where you advertise your property affects the volume and quality of applicants. Listing your property on popular rental listing websites, and social media platforms significantly increase exposure. Also consider engaging a professional real estate agent to help market your property. Unknown to many people, many real estate agents are resourceful, have a sizable network, and are experts in reaching out to your ideal tenants.
Conclusion
While there's no one-size-fits-all answer to how long it takes to find tenants, the timeline for finding tenants is influenced by a multitude of factors. By understanding and optimising these elements at play and implementing the strategies outlined above, you can significantly streamline your search process and improve your chances of finding a suitable tenant swiftly.