Tenant turnover is an important thing for Vancouver landlords to think about, and most people don’t realize how expensive it can be. In the state of Washington and in southwest Washington in particular, the average cost of tenant turnover in a two bedroom one bathroom house or duplex is about $3,600. With that price tag, avoiding or limiting turnover is important.
To avoid constant tenant turnover, proper screening for your Vancouver rental property is critical. Bad tenants equal high dollars, and you don’t want to be looking for new tenants every few months. You can eliminate a lot of tenant turnover in a few ways. You want to properly screen all potential tenants. Check their criminal history, their credit report, and their employment. Verify everything on the application. Once you elect to have a tenant come in, hopefully they will stay at least a year or two, which will cut down on your turnover costs.
One of the reasons that turnovers are so expensive is that you have to prepare the property for your next tenant. That will often require painting, cleaning, carpet cleaning, window treatment replacements, and landscaping. So, you have to keep in mind that when you have turnover, lots of items will be needed to make the house ready for attracting the next tenant.
Placing a good tenant will help you avoid expensive turnovers. So, verify everything. Get the longest lease possible and have the house in rent ready condition before they move in. Do inspections during the tenancy and fix the needed repairs right away. This will reduce your tenant turnover and ensure you earn more on your rental property.