Vacancy is always a scary word to a real estate investor. But vacancy is pretty much non-existent in the Kansas City rental market right now. Ok, so I may be exaggerating slightly. But seriously, after we rehab properties from rat holes to darned nice places to live we are renting them out in under 30 days. We have a couple that have gone up to 45 days but we’ve had more than a couple that rent before we even get done with the rehab.
As far as placing people in to all ready to go units we are renting those in less than 30 days, as well. Oddly enough, the sub $600 market is a bit slower, rent wise, than the $800-$1,200 market where most of our business currently is. Why? Well, I think in our case it’s because we are so darned picky about who we let in.
Sometimes our rental owners get upset at their vacancies but I always have to remind them that 30 more days of a vacant rental house is far cheaper then re-carpeting, re-painting, replacing light fixtures and of course, an eviction fee.
With the KC rental market doing so well right now I’d definitely take my time to find the right tenant. But when you do, lock them in at a fair price and keep your investment property in good repair so that they will renew with you!