If you rent out property, then you know that vacancy losses are definitely something to be concerned about. A vacant unit could cost you between $1,500 and $5,000 per month, when you factor in the costs associated with advertising, incentives, and preparing property for potential tenants. To reduce expenses, then, it’s important to make sure that your units are sitting empty for as short a period of time as possible. Here are a few techniques that property owners use for minimizing vacancy losses on their property.
