What are the benefits of a slower rental market?

What are the benefits of a slower rental market? 

There are benefits of a slower rental market for both landlords and tenants. Yes I said there are benefits to a slow rental market, what are they?.

For tenants the benefit is the rental prices are usually on a decline meaning rental properties become more affordable. Other benefits are improved properties and easier moving process. 

When the demand out paces the supply the landlord needs to be more competitive not just in price but in the product they are offering.  When a tenant moves out and the unit has not been rented for the following month a landlord has the opportunity to perform repair work upgrading the unit. A vacant unit is a good time to repaint, change flooring or replace appliances.  

Another benefit for tenants is an easier moving process. The tenancy act requires tenants to vacate their current property on the last day of the month they give notice by 1pm. If the unit has been rented for the next month that means another tenant is moving in later that same day or the following day.  When the market is slower we often see units vacant for months or more in between tenancies. This means we are able to allow tenants to occupy the unit a few days before the tenancy starts which allows them to move out of their unit early, which in turn then allows them to go back to their unit and clean it properly. This is a less stressful process for both the move out and the move in. If the bundling is in  apartment buildings or condos it also means it is easier to book an elevator as there is less moving occurring each month.  

The benefits to the landlord are as mentioned it provides options to improve the unit between a tenancy. It also gives the landlord the option to consider other considerations. If it is a condo, house or townhome they can choose to sell the unit after the tenant has vacated the unit. Selling a property while it is a tenant can be difficult for access purposes along with the requirements for providing notice when the unit sells. If the unit is vacant, selling is tremendously easier. Sometimes the stress of the process of moving tenants in and out of properties can be difficult for landlords to manage. Any time you can have some space between the two tenancies it becomes a more pleasant process. When both the landlord and the tenant are experiencing less stress at the start of the tenancy there is a better chance of appositive tenancy existing. 

What other benefits do you know of during the slower rental market conditions.? 

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