My tenants vacated my rental unit, what are my options?

When a tenant gives notice to vacate a property Landlords first reactions are to automatically search for a new tenant. Is this the only option for a landlord? If your rental property requires  improvements often the best time to complete renovations is during an economic slowdown. During economic downturns vacancy rates increase, which often lowers rental rates as supply increases and demand decreases. Construction also slows down, increasing availability of contractors to perform work. When more contractors are available prices become more competitive for their services.

Upgrading your property in difficult times will help it stand out against other properties which may attract a better quality tenant. If your property is in need of a kitchen or bathroom renovation, new flooring or other property upgrades and your tenant has vacated this may be a good time to perform those improvements. The long term benefits may outweigh the short term return on rental income.    

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