As a landlord, it’s natural to want to maximize your rental income by setting the highest possible rent for your property. However, this strategy can backfire if your property remains vacant for an extended period. Lowering your rent to secure a tenant more quickly can often make more financial sense in the long run. Here’s a detailed look at the math and logic behind this approach. The Cost of Vacancy When your rental property sits vacant, you’re not just losing out on rent; you’re also incurring ongoing expenses without any offsetting income. Let’s break down the typical costs associated with a vacant property: In this scenario, a one-month vacancy costs…