Sell Your Vacant Rental Property in Pittsburgh

Sell your vacant rental property today!
Sell your vacant Pittsburgh rental property today!

Owning rental property in Pittsburgh can be a very rewarding experience. When things are going well, a rental property can be a great source of additional income. But things can change quickly when a tenant moves out and you are faced with a vacant rental property in Pittsburgh. Expenses can quickly add up, and without the help of rental income to offset these expenses, you can quickly find yourself in the red. In today’s article, we’ll explore some of the hidden costs and issues associated with vacant rental properties, and provide options for landlords facing this situation.

Costs and Consequences of Owning Vacant Rental Properties in Pittsburgh

  1. Apartment vacancies reduce your income. When you own a vacant rental property, your cash flow is negatively impacted. This is a big problem for any landlord, and a common cause of concern for people thinking about investing in real estate. In fact, as owners of rental properties ourselves, we get asked all the time “are all of your units rented?” Remember, your expenses (mortgage, taxes, insurance as well as utility costs) don’t stop whenever your tenants move out. That’s why it’s beneficial to turn the unit over as quickly as possible and help to pay some of the costs associated with property ownership.
  2. Apartment turnover costs are expensive! The National Apartment Association estimates that the cost to make a unit rent-ready again after a tenant moves out is 9% of gross rents. For example, if you earn $750 in rent each month for a 12 month lease, it will cost about $810 to prepare that unit for the next tenant. After paying your mortgage, taxes, insurance, repairs, etc. – that’s a lot of money! On top of that, it doesn’t even take into account the amount of time you need to spend on the unit.
  3. There are also costs associated with maintaining a rental property. Even if your property is vacant, you have to pay regularly for landscaping, exterior and interior cleanings, tree pruning, pest control, gutter cleaning, snow removal, etc. Additionally, you must be prepared for major capital improvements when the need arises, such as new windows, flooring, HVAC systems, or a roof. These costs can be particularly difficult to handle without rental income from a tenant.
  4. You can’t fill an apartment vacancy in Pittsburgh right away. Vacancy rates rose in Pittsburgh every year during the 5-year period between 2013 – 2017. This tends to happen when there is more supply for apartments than there is demand. If you’ve driven through Oakland, Lawrenceville, or East Liberty lately you’re probably wondering like we are how they are filling up all these new apartment buildings!

Sell Your Rental Property for Cash Quickly an Eliminate Vacancy Costs

If you have a vacant rental property in Pittsburgh, don’t worry – there are solutions available. One of those solutions is working with a professional homebuyer like us. We can buy your rental property fast, which benefits you because it reduces the expenses you pay each month your apartment is vacant. We can typically close on a property within 2 weeks of agreeing on a price and signing a contract with you. If you’re ready to rid yourself of your vacant rental property, give us a call or fill out the form at the bottom of this page. It’s simple – just tell us your name, email address, and the address of the property you want to sell. We’ll get back to you within 24 hours to discuss your goals and set up a time to see the property.

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