7 Tips For Reducing Your Property's Vacancy Rates In Ghana

All rental property owners in Ghana wish their rental properties in Accra were occupied by tenants throughout the year. However, it's unlikely that you'll get there, but you can always minimise vacancy and some associated losses. Finding tenants to take over a lease is a major struggle for landlords in Ghana. 

Very often, you need to be smart with picking the right tenants in Ghana and keeping them to reduce your vacancy loss. It is always important to equip yourself with some tips and skills to keep your rental property's vacancy rate at a minimum, thereby maximising the returns on your investment property in Accra.

In this comprehensive blog post, we’ve identified 7 practical tips that will help you reduce your vacancy rate in Ghana. So, you don’t have to worry about a negative cash flow a minute longer than you need to.

What are the Effects of Rental Vacancies on Landlords

You don’t need to be a financial expert to know that rental vacancies pose a significant economic burden on landlords in Ghana. Not only that, but it can also result in a massive hit when it comes to your return on investment. The longer your rental property sits on the market without leasing out, the longer you will go without rental income. 

If you are relying on your rental income to cover a mortgage payment, you could be facing serious default issues until you find a new tenant. Remember that most rental property owners in Accra report losing rental income and additional expenditures related to advertising and screening new potential tenants. 

While rental vacancy comes not only with lost rent, vacant properties in Accra are usually prey to vandalism and burglaries. That's why rental property owners in Ghana must find a way to mitigate rental vacancies and attract qualified tenants without compromising tenant assessment processes. 

7 Tips to Reduce Rental Vacancy Rates in Ghana

After carefully considering some of the best practices for filling homes and keeping them occupied, these are our top 7 tips to reduce vacancy rates in Ghana.

1. Giving your tenants a happy stay

The best way to reduce rental vacancies in Ghana is to hold onto your existing tenants in Ghana. Of course, keeping a tenant in Accra for the long term is all about keeping them happy. The happier your tenants are, the more likely they will renew their tenancies. According to an experienced landlord in Ghana, to keep your tenants for the long term, you ought to be responsive when your tenant reaches out to you.

2. Keeping your rental units in good shape

Another good tip when it comes to reducing rental vacancies in Ghana has to do with keeping the rental property in good shape. To do this, you have to maintain the property well to attract and retain tenants in Accra. Another way is to promptly address maintenance requests to boost tenant satisfaction. 

One thing most landlords in Ghana don't do is undergo periodic renovation work when a lease ends. But that's a sure way landlords can ensure the quality of your rental properties matches what prospective renters in Accra will expect or see on the market.

3. Keeping your rent competitive

Dropping rent is a no-go area for property owners in Ghana. But landlords should remember that it’s all about striking a balance between maximising your rental return and minimising your vacancy rates. Reducing the rent and keeping the rent competitive will go a long way in securing a cash flow faster.

All you need to do as a landlord in Ghana is to make sure that your rent is highly competitive. This way, you will not only increase the retention of tenants but also have consistent cash flow from rent. But remember that what might be competitive rent this year may be greatly underpriced the next year.

4. Respect the tenant’s privacy

There are too many stories of landlords in Ghana showing up whenever they please, and this is a big violation of residents' rights. While most landlords are ignorant about rental laws in Ghana, others do it intentionally, and this is a total violation of tenants' privacy. Respecting a tenant’s privacy in Ghana is essential for maintaining trust and fostering a positive landlord-tenant relationship.

Overall, landlords in Ghana should uphold the privacy rights of their tenants that are set out in the lease agreement and the Rent Act. Respecting tenants' privacy demonstrates professionalism and encourages open communication. Many tenants in Ghana consider it a primary factor in their decision to renew their tenancy.

5. Know where to find tenants 

When talking about the best place to find tenants in Ghana, you can’t go wrong with outsourcing online platforms like Prophunt. Prophunt is a multi-purpose platform where we have numerous properties for sale and rent in Ghana. With this platform, you can find tenants looking for apartments to rent and properties for rent in Accra.

Getting your property on Prophunt will net you higher-quality tenants in Ghana faster and will greatly contribute to lowering vacancy rates. The only catch is that you need to register as a licensed real estate agent in Ghana to advertise on this site.

6. Offer flexible lease terms

Becoming a landlord in Ghana involves more than just property ownership and rent collection. To foster a positive tenant experience, flexibility can significantly enhance their comfort. Life's unexpected events often require understanding landlords who create a less pressured environment for their tenants in Accra.

If you can offer flexible lease options for Ghanaian tenants, such as month-to-month or short-term leases, you maximise your chance to appeal to a wider range of people, especially renters in Accra. Always remember that being flexible in a few cases can be a great help to a tenant in Accra who doesn’t know what their immediate plans are and just needs to buy time after their existing tenancy is over. 

7. Start your tenant search early

You dont have to wait until your current tenant moves out before you start looking for prospective tenants in Accra. The moment a tenant indicates they won't be renewing their lease when it expires becomes the day you will start your tenant search. We say this because many landlords in Ghana face the question of “When should I start looking for a tenant in Accra?”

Final Thoughts 

The simplest way for landlords in Ghana and property managers to decrease rental vacancy rates at their rental properties is to maximise tenant renewal rates. A landlord in Accra with tenants who pay rent on time and respect your property should prioritise tenant retention to avoid the costs and hassle of tenant turnover.