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Survey: 52% of landlords renovating vacant properties

November 19, 2010 - Renters may be in for a treat: landlords are giving rental properties a little extra tender loving care, finds a new survey.

An informational survey conducted by the National Association of Independent Landlords found that 52 percent of smaller, independent landlords are renovating their vacant properties.

The survey found that 76 percent are doing renovations in an attempt to attract tenants while 42 percent are doing home repairs and maintenance to keep renters from moving.

"With so many homes and apartments sitting empty, landlords want their properties to stand out from the competition," said Tracey Benson, president of The National Association of Independent Landlords. "Even if landlords have no rent coming in, they need to bite the bullet and make improvements to put their properties on renters' short lists."

According to Reis, a New York research firm, the third quarter national apartment-vacancy rate was 7.8 percent, the highest it has been in 23 years, reports the Wall Street Journal.

Some landlords and property management firms may even be going all out to attract renters. Jack McCabe, a real estate consultant in Deerfield Beach, Florida, said that some landlords may even be offering incentives such as flat screen TVs or several months of free rent to attract tenants, notes the news agency.

Not only might the current real estate market be attractive for prospective homebuyers, but the rental market may also offer some very attractive deals.

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