The current rental market remains strong with rental rates at their highest levels. Your exposure to investment property vacancy should be very small. The record number of foreclosures in the late 2000s have left many families still unable to purchase a home, bank owned properties sit empty and mortgages are more difficult to qualify for. Finding an affordable rental property has been a difficult thing to do with a high demand and low supply of available homes.
In these type of market conditions, properties shouldn’t be sitting vacant long in this market. Most of our clients have new leases started the day after their old tenant’s lease ends. With 60 days notice and a strong rental market, your vacancy rate should remain very limited. Any good property manager should, on average be able to rent your property in 2 to 3 weeks, if not, something is wrong.
When I look at properties online I see some that have been vacant for 200 to 300 days?? Seems quite odd and I believe it is mainly from real estate agents telling people what they want to hear and not being responsive to prospective tenants.
This rental market will remain strong for the foreseeable future, but won’t last forever. Investors should be maximizing their opportunities while they are there.