One of our two vacant apartments was rented today. We have repainted and done some minor repairs, all of which were overdue, for a total cost of less than half a month's rent. We have also agreed to remove some of the loose furniture not wanted by the incoming tenant. Anything we can't sell before the tenant moves in will be donated to a local charity.
While the six week vacancy was longer than I had hoped we did manage to avoid having the property vacant over the Christmas-New Year period when it is traditionally hard to find tenants.
The really good news is that we secured a 22.6% increase in the monthly rent - a very meaningful increase that will provide a nice boost to the monthly cash flow. Even with one vacancy, we will now be back to a positive monthly cash flow. Given that the biggest outgoing every month is the principal component on the mortgage payments, the properties are providing a nice addition to our net worth each month.
I am less optimistic about the other vacant unit (which has been on the market since 1 November) rented before Christmas.
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