Some investors are having no difficulty whatsoever in finding tenants for their rental properties, but some are losing tenants occasionally due to the credit crunch or simply not finding tenants willing to pay the rent they require.
Property investors in that situation should perhaps consider renting out their property in different ways.There is the option to specifically target businesses or business men who need self-catering accommodation when they travel.This method will have stresses unique to it and you will have to be very hands on.There will be a high turnover of people in your rental and you need to clean up, check them out ;etc, each time someone new arrives.You do however have the possibility of making a bit more money as daily rates are usually quite a bit higher than monthly rates.Keep in mind though you will probably need to advertise your property on a regular basis and build up an emergency fund for the months that are slow.
Another option open to certain investors, depending on the location of their property, is to rent out to students.It would be best if the property were then close to a university or other higher learning institution.Again you are likely to have a higher than normal tenant turnover but you also stand to make a little more money out of it.There are usually two or more students sharing a property and this usually allows them to pay more than a single tenant.In alot of cases their parents will be paying their bills and this is probably slightly more reliable than having the students themselves pay the bills as they can usually only manage part-time jobs on top of their studies.
Most people who rent out to students have one complaint in common though, they receive frequent noise complaints about those properties.Many will remember their students days as being rowdy and partying quite alot, so you know what I am talking about. Another common complaint is alcohol abuse and students letting the property get dirty.This will not always be the case though and if you feel you are up for what might become a challenge then go for it.
So consider alternative forms of letting your property but consult people with some experience in the matter.Find out about all the positive and negative aspects of what you choose to follow.Maybe you get lucky and have a neat,non-drinker for a a student tenant.
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