Rental properties aren’t occupied 100 percent of the time, but landlords try to avoid vacancies as much as possible since maintaining vacant rentals can be costly. Although loss of rental income is an important factor for why landlords try to fill vacancies quickly, there are some risks to be aware of as well.
Theft and Vandalism
If a property is vacant, how can someone steal anything? Unfortunately, even vacant properties can attract burglars. Air conditioning units, copper wiring, and appliances are just a few examples of items that can be stolen from vacant rental properties. Removing such items can lead to major damage that you will have to report to your insurance company or pay out of pocket. Other forms of vandalism like graffiti are also a possibility.
Squatters
A vacant property could attract squatters if they discover no one has been living in the property. Although you can ask squatters to leave, depending on the situation, they could have landlord-tenant rights as holdover tenants. Removing squatters might require legal action, so read your local and state rental laws so you can be aware of what to do if your rental property attracts squatters.
Water Damage
Pipes can burst or freeze during the winter. Water damage can also be created from a hot water heater leak or burst, which could flood the entire building. Water damage could go on for a while before being discovered, leading to even more issues.
Fire
Unfortunately, arson is a common problem with vacant properties. Make sure to properly maintain your heating system because fires can break out if it isn’t cared for. Squatters might also use candles or light a fire in the rental if there isn’t electricity in the rental.
How to Minimize Risk of Leaving a Property Vacant
Here are some actions you can take to protect yourself from the risks of a vacant rental property:
- Install a home security system that allows remote monitoring.
- Install interior and exterior motion and/or timed lights to give the appearance that someone lives there.
- Maintain the lawn and other exterior features so the rental property doesn’t appear vacant.
- Turn off outside faucets.
- Turn off the heating system and drain the plumbing to prevent water damage from freezing during the winter. You can also keep the thermostat on, leaving it no lower than 55 degrees as an alternative.
- During the summer, keep the air conditioning system no higher than 85 degrees to prevent mold growth.
- Check the mailbox frequently to get rid of junk mail.
- Consider hiring a property management company to keep an eye out for the rental property. The company can also provide a report whenever someone inspects the rental.
- Invest in marketing and practice tenant retention strategies to prevent long-term vacancies.
As a landlord, having a vacancy is inevitable, but it’s wise to avoid leaving a rental property vacant for an extended period of time. Since vacant properties are typically subject to theft, vandalism, water damage, fires, and squatters, your homeowners or landlord insurance might increase significantly. To fill your vacancy fast, list your property on Apartments.com. Your rental will show up on our twelve network sites with exposure to millions of monthly visitors. Until then, there are several actions you can take to protect your rental. Using timed interior lights, conducting maintenance, and other proactive measures will help keep your rental property safe and secure until your next tenants are ready to move in.
