A vacant investment property does not produce income and unless your property is vacant for a specific purpose, such as renovating or selling, there is a need to generate money from that investment as quickly as possible.
If a tenant has vacated or you have vacated the property yourself, there are strategies available to help you find a suitable tenant as quickly as possible to minimise the amount of income being lost.
If your property has been vacant for some time, consider the amount your property is being advertised for and whether this could be reduced on the basis that a shorter lease period is offered to a suitable applicant.
In a time like this when your investment property is not producing income for you, this will help you secure a suitable tenant. You can then review the rent at the end of their fixed term, rather than prolong the vacancy in the hope more rent will be achieved.
Here is a scenario to consider: