Updated over 2 years ago on . Most recent reply
Can't find good tenants
I have a 4 unit multi family in Wilkes Barre located in a B- minus neighborhood. I recently renovated the 2 upstairs 2 bed 1 bathroom units. My property manager has had about 20 applicants but they have all had evictions on their records. I am not doing the screening and I am only told that the reasons she won't let anyone is just because of the eviction records which I understand. The apartment has been on the market for 2 months and I would think it's under market value and we are not getting any good leads. It's listed on the MLS but no agent has contacted my property manager to show it.
It's a 2 bed 1 bath located on the second floor. Rent is $950 and includes heat. It's unfurnished but has basic appliances. Washer/dryer, dishwasher, stove, and refrigerator.
Any recommendations on how to find good tenants would be appreciated.
Most Popular Reply
Hey @Drayke Jacobs-Van-Tol, how long have you owned this property and how long does it normally take your PM to find good residents? I'm assuming based on your post it's not normal to take this long?
A couple of things come to mind. First off, what source is your PM using to determine Market Rent. Here are a few you can look at, but keep in mind, these are usually a little below market. RentoMeter.com and RentRange.com. You can get a few reports off of these for free, then they charge an annual fee.
People that have been evicted can be tough residents. There's a reason they were evicted. However, one strategy you can try, if you can do this in your municipality, is to charge a higher security deposit. Some muni's will limit how much you can charge so research that first if you want to give it a try. The more they put down the less likely they are to damage the unit or vacate early. I have a couple residents paying 1.5 to 2 months rent as a deposit. However, none of them are due to evictions.
Lastly, this may sound odd, but you might try increasing the rent. The more you charge, usually, the better the resident you'll get, but again, that depends on what's a good rent for your area to start with along with unit quality, etc.