If your Charleston property is not renting, you may be facing some serious financial and emotional distress. You might also be eager to know exactly why your Charleston rental is still unoccupied. Understanding the reasons behind prolonged vacancies can help you avoid mistakes and make qualitative changes to draw more tenants to your unit.
Here are the top three reasons why your property won’t rent.
1. The Rent Price Is Too High for The Charleston Rental Market
If you have set a rent price that is higher than the average local rent, your property may take time to rent. Higher rent prices often discourage potential tenants from visiting the property. Even the ones who do visit the unit prefer choosing other similar properties at reasonable rental prices.
You can turn this situation in your favor simply by setting the right rental price. We suggest you do proper market research to get an idea about the pricing trends in the locality. Get a rental analysis from a trusted Charleston property management company for the most accurate results. Once you set the right rent, you will see a significant rise in the number of tenant applications you receive.
2. Run-Of-The-Mill Appearance
If your Charleston property is dull-looking, with no interior or exterior spruce up, it could stay on the market for a long time.
To draw potential tenants to your property, you must go that extra mile and enhance your home’s curb appeal. First impressions often matter the most, so focus on embellishing the exterior. If you wish to stick to the basics, you can add a fresh coat of paint and do some landscaping with seasonal plants or climbers. You can add a swing, install a new gate, add night lamps, or install a fancy mailbox to add extra appeal.
Tenants also look for fresh-looking interiors. So, depending on your budget, you can choose to re-paint the walls, add wallpaper, install new door knobs, change the countertops, install trendy staircase railings, and add new curtains or carpets. However, be careful with your renovations because if you over-customize, it could put off prospective tenants.
3. Lack Of Effective Marketing
One of the key reasons that your property is still on the market is because your advertisements are not reaching the right audiences. If you are only using the conventional methods to promote the rental, consider exploring the new, hot promotional platforms.
Assess the marketing trends, and use the best online tools like listing websites, social media groups, your property website, and email marketing to post your property ads in the Charleston areas. Also, using offline methods like SMS marketing, flyers, newspaper listings, and word-of-mouth publicity can greatly promote your home.
Other Reasons Why Your Charleston Property Is Not Renting Out
Many more reasons lead to longer vacancies, even if you have many applications coming in regularly. Some of those reasons are:
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Stringent Leasing Process
Many applicants fail to qualify for your Charleston property if the leasing process is too complicated or if your expectations are too high. Either or all of the factors mentioned below could drive away prospective tenants.
- A high-security deposit
- Over-strict lease terms
- The excessively strict screening process
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Noisy Neighbors
If the potential tenants experience a disturbingly loud noise from the neighborhood when they visit for a property showing in Charleston, they will be discouraged from moving into your home.
Finding and placing qualified tenants can be a tough job. Instead of trying to do all the necessary work on your own, and delaying the renting process, allow experts like professional Charleston property managers to handle your home. They know how to find quality tenants quickly and can get your rental cash flow started.
Work with the most trusted company in Charleston, Meridian Residential Group. We have helped Charleston landlords rent out their properties for over 20 years. We provide single-family and multi-family property management in the Charleston, SC, area, including North Charleston, Summerville, Goose Creek, and Moncks Corner, among other cities.
For more information, contact us at Meridian Residential Group.
