Moving season is here, and turnover is picking up. Here's what it's costing Las Vegas property owners and how to keep those expenses down.

 

Image 1 Image 2

 

Moving season is here. This is the time of year when tenants start making changes, usually timed around the end of the school year, so families can relocate over the summer without uprooting the kids mid-semester. For property owners, that means more vacancy and more turns, and if it's been a while since you've gone through one, the costs might catch you off guard.

Turn costs have gone up, and the sticker shock is real. I'll be honest, I'm starting to age myself when I think about this, but I remember when a full repaint on a 1,500-square-foot home cost about $1,500. Right now, I'm seeing bids come in at $2,800 for the same job. 

When you add up everything that goes into getting a property turned and market-ready again, the average comes in between $2,500 and $5,000, depending on the home. I understand why owners feel sticker shock when the invoices start coming in. With inflation, gas, labor, and the general cost of living all going up, this is where the numbers are right now. It's the cost of doing business.

Rents have gone up, too, and the bigger picture still works. The flip side is that rents have also increased from where they were 10 years ago, so the income side of the equation has grown alongside the expenses. It doesn't make the invoice feel any smaller in the moment, but when you look at the full picture of how your investment has performed over time, the math usually still works.

 

"Tenants who feel appreciated are more likely to stay, and every time a good tenant renews, that's a turn you didn't have to pay for."

 

Keeping good tenants longer is the best way to avoid this. One of the things I focus on to help keep these costs down is reducing how often we go through turns in the first place. When I see a tenant who's keeping the property in great shape, not making excessive repair requests, and generally being easy on the home, I make a point of acknowledging it. We send gifts to good tenants to build and foster a real relationship with them, because tenants who feel appreciated are far more likely to stay. Rewarding good behavior keeps good people on your property longer.

If you're questioning your return, let's look at the full picture. We are seeing more vacancies and more turnover right now, and that's just the reality of the season. If you're going through a rough patch or looking at the numbers and wondering whether your investment is still performing as it should, let’s talk. I'm happy to pull a full report showing your total return over the time I've managed the property, income and expenses included, so you can see the big picture rather than reacting to a single high-expense month. 

Reach out anytime at 725-220-4747, email me at info@griplv.com, or visit my blog at griplv.com/blog. I look forward to hearing from you.