Steps for managing vacancies
Effectively managing vacancies is key to the viability of a non-profit housing project.
If vacant units are left unoccupied and overall rental income declines, management may be unable to meet its financial obligations and/or maintain the building(s) at an acceptable standard.
The amount of required notice a resident needs to provide before leaving varies across the provinces/territories and between non-profit rental projects and co-operatives.
Once you have identified that a unit will become available, here are the steps you should take:
- Repair and clean the unit
- Identify or advertise for applicants
- Screen applicants
- Welcome new residents