Mining towns can sometimes experience rapid changes in demand for rental properties.
If you’ve lost your tenant and your agent is finding it difficult to re-rent your property, don’t panic, there are things you can do to pro-actively solve your problem.
Re-assess your rent. Work out how much negative cash flow you can sustain for a period of time and quickly reduce your weekly rental figure to this amount. This will hopefully make your rental property more competitive than others, thereby attracting a tenant from the smaller field of prospects looking to sign a lease.
Speak to your accountant and a property tax depreciation specialist. Work out the deductions available to you and consider your income tax withholding variation position. You can claim weekly deductions to assist cash flow.
Discuss alternative marketing methods with your property manager. How can you target your potential next tenant with laser accuracy?
Ask your property manager what incentives would make your property more competitive than others?