Why Fast Residential Tenant Turns Are So Important

While occupancy rates for rental properties have reached higher than normal levels, according to the National Apartment Association (NAA), there is still significant turnover. The NAA tracked tenant turnover for professionally-managed rental housing over 15 years and determined that the average turnover rate is more than 50%.

Considering that property owners and managers can lose nearly $4,000 on every move-out, getting properties back on the market is crucial to maintaining cash flow.

Why You Want Fast Residential Tenant Turns

Here are five key reasons to get rental properties serviced to return them to market.

Minimizing Vacancies

When a property sits empty, it costs you money. You have no income coming in but expenses to handle, including utility bills, insurance, maintenance, and upkeep. The longer your property sits vacant, the more expensive it becomes.

Minimizing Damage

Vacant properties can quickly fall into disrepair, especially if they are not properly maintained. A rental turnover service can handle the maintenance and ensure you get a property market-ready quickly.

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Optimizing Rental Income

Fast residential tenant turns mean your apartment or rental housing starts generating income faster. It turns a property from an expense to a revenue-generating asset.

A properly serviced, cleaned, and refreshed rental property brought up to current market standards can optimize rental income.

Mitigating Reputational Damage

A long vacancy can send a signal to potential renters that the landlord is not taking care of the property or maintaining it properly. This can damage reputations and causes potential renters to question whether they should move in.

Keeping Neighbors Happy

Vacant or untended apartments can create unhappy tenants in other apartments. They may feel uncomfortable or less safe living in an apartment building that is only partially occupied. The same applies to neighborhoods. Unoccupied rental housing or poorly maintained properties can hurt neighboring property values and cause additional challenges in maximizing rental rates.

Rental Turnover Service

Efficient residential tenant turns are key to a steady income stream. When you work with a rental turnover service like Charter Construction Group, you get fast service. It reduces stress. Charter Construction Group handles everything about your rental turnover, so you can stop worrying.

Some properties may be market-ready after a thorough cleaning, some general maintenance, and a fresh coat of paint. Others may require more extensive services, including repairs, replacements, and renovation. In other cases, a fast renovation in key areas can increase rental income substantially.

Construction Group handles it all for you, from the initial inspection, providing recommended actions, and finding, hiring, and managing workers to complete the job quickly.

High Return on Investment

With years of experience handling rental turnovers, Charter Construction Group knows what repairs and replacements generate the best returns. For example, prospective renters may see a damaged garage door and never want to view the property. Yet, this modest investment can get a property rented more quickly, allowing you to recover your costs fast.

Replacing a damaged garage door has an average 93% ROI in selling a property, and other repairs have significant ROIs as well, including:

  • Adding stone veneer
  • Minor kitchen remodels
  • Siding replacement
  • Window replacement
  • Adding a deck or patio

Often, doing general cleanup and putting a fresh coat of paint or sprucing up the landscaping can make a huge difference. Replacing carpeting or fixtures is quick and can make a worn-down rental property look new.

Kitchen and bathroom remodels also have a solid ROI and make a big impression on potential tenants.

Invest in Things That Matter

You do not want to invest in things that will not add value to your rental property or increase its value, so you want to work with an experienced rental turnover service, like Charter Construction Group, that knows the difference.

Charter Construction Group operates nationally but has deep local connections in nearly every major housing market. This asset provides the scale to take on any sized job and easy access to skilled professionals that know local market conditions. Getting properties up to local market conditions and offering the right amenities in competitive markets can help maximize rental incomes and get your properties occupied sooner.

Optimize Your Rental Income

Doing the necessary maintenance, repairs, renovations, and cleanup can get your rental unit earning and optimize your rental income. When you work with Charter Construction Group, you get fast, affordable, and efficient residential tenant turns to start generating revenue fast.

Call Charter Construction Group today at 866-268-1632 or request a consultation online and see how our rental turnover service can work for you.

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