A Reuters report today said that US Apartment Vacancies are at the highest level in 20 years. This may be good news for renters as they have a better selection to choose from and many property management firms are offering incentives such as paying the first month’s rent. Landlords and property managers however need to be concerned that it may take much longer to rent their properties.

Here are a few tips to help you avoid vacancies:

1. Ask existing Tenants a few months early if they plan to stay for the next year.
2. Get your tenants to sign a lease as soon as possible.
3. Collect a security deposit.
4. Advertise your vacancy several months before it is available.
5. Use every resource possible to advertise your vacancy.
6. Offer incentives to get tenants to sign a lease quickly.
7. Make your rental stand out from the millions of others with special features.

Manage your rental effectively and you can avoid vacancies and loss of valuable rental income.