5 Reasons Why You Cannot Find Renter for Your Baltimore Rental Property

A person invests on a rental property with the intention of making lots of money by hiring renters. But, what if you cannot hire renters for your property? People think that they can earn good returns on investment by just hiring tenants which is not as easy as it seems to be. Hiring a good quality tenant is not an easy task. Sometimes we also require professional property management company's assistance in order to hire best tenants for our rental property. So, if you think you can easily hire a tenant and enjoying monthly returns on investment as rent then, you are probably wrong.

Hiring renters or tenants is not an easy task. This requires lots or patience and planning. You need to search a good quality candidate for your rental property so that you can live peacefully that your property is on safe hands. For this you can advertise your property both online or offline, hire a property management company who can help you to find a good tenant, etc. But, even with all these tricks and methods you sometimes fail to get your property rented.

Let's see what are the reasons you cannot get your property rented:

Rent is Too High

Before deciding your rent for your property you must examine it if you are setting it too high. If the rent is too high then, you won't be able to hire tenants. The tenants are generally students and as they are not earning or their pocket money is not so high they cannot afford to rent a property with higher rent. And this is one of the main reasons why you cannot find renter.

But, how would you know that your rent is too high? Well, for this you can do a survey. Yes, you can look for similar properties in your area. Check how much other owners of similar property is charging for their property along with what amenities they are offering.

You can charge higher rent only when you are providing all the necessary amenities to your renters. So, if the rent is high then, you should give a valid reason why the rent is high or you can simply do is lowering the rent. You can attract tenants by offering low rent than any other rental property in your locality. This will grab the attention of the renters and you will be able to hire tenants for your rental property in Baltimore.

Security Deposit is Too High

Before the tenants move in they need to pay a security deposit which is usually the amount of one month's rent or two. If you are taking security deposit more than two month's rent then, you may not be able to hire renter for your property.

Depositing a security money is a burden for the tenants and no tenant would like to rent a home with too much security deposit. Some states have already set a limit for security deposit and some have not. But a deposit of three monthly is excessive and you should not charge more than this especially when the other tenants of the unit has paid one month's rent as security deposit.

You should only take one or two months' rent as security deposit from the tenants and must refund the amount if there is no damage occurred in the property. Properly mention the amount of security deposit in the rental agreement and also mention that it is refundable.

Inefficient Advertising

There are many ways through which you can advertise your vacant property. Owners generally log in to online portals where they can rent out their property and find quality tenants. Many of them place a 'To Let' board followed by the owner's number. Newspapers are also a good option for advertising property and many distribute pamphlets near college campuses, offices, etc. This helps the owner to find quality tenants for his property. If you are not doing the same thing with your property then, you may lose the chances to hire tenants for your rental home. It is because advertising is one of the best and easiest ways to find tenant for your property. If you are unable to find them then, inefficient advertising can be a solid reason for this. Hence, you should take help of Property management company in Maryland  in this matter and advertise in the right place from you can grab the attention of renters.

Current Tenants

Your current tenants can also be a reason why you cannot find renters for your rental property. The main culprits are dirt and noise.

If you have many units within the same building and your current tenants are noisy who play loud music or make noises all the time, barking dogs, etc. then chances are higher that the prospective tenants will not sign the lease to live there.

Cleanliness is another important part that is responsible to get your property rented. If the prospective tenant questions cleanliness of the current tenants, they are unlikely to want to rent your property.

Undesirable Features

You may not be able to get your property rented is because of the undesirable feature of your rental unit. This can be anything but the general things include:

•    Too many stairs

•    Small size of rooms

•    Number of bathrooms

•    Location

If it is possible that you can extend the room size by adding two of them together then go ahead. Well, these are the problems you can hardly do anything to fix the problem but, yet there is a solution for this and that is dropping price.

You can reduce the rent if you know your property has some undesirable features. This way the tenants would agree to adjust and will occupy your property.