Need help filling vacancies in Philadelphia

Philadelphia, Pennsylvania
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Need help filling vacancies in Philadelphia

Paul Lucenti
Investor · Long Island · Member since 2023 · 36 posts · 21 votes

Hey all

We are currently looking for someone who is experienced in finding tenants in Philadelphia. We only look for tenants that possess a housing voucher, but sometimes in the winter months leads go cold. 

If anyone specializes in this in the Philadelphia location, feel free to drop your info below!

Thank you.

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Kevin MoyerBusiness Member
Property Manager · Philadelphia, PA · Member since 2019 · 270 posts · 303 votes
1y

Paul, 

We are highly experienced in finding tenants in Philadelphia placing hundreds over the last few years. A few insights;

1) It's tough out there. 2023 and 2024 were both brutally difficult leasing years in Philadelphia. Supply continues to exceed demand throughout most of the city (with a few exceptions)

2) Your HCV strategy is certainly the hot thing right now. With payment standards significantly above market, many investors have shifted to this HCV focus. With more property owners competing for voucher holders, your HCV holders are currently the 'prettiest girls at the dance' and they essentially have their pick of quality rentals. For this reason- you really need a top-of-the-line rental to attract Section 8 tenants in Philly right now.

3) Historically speaking leasing activity spikes again around March. Hang in there.

Otter Property Management4.8628 Reviews
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  • Kevin MoyerBusiness Member
    Property Manager · Philadelphia, PA · Member since 2019 · 270 posts · 303 votes
    1y

    Paul, 

    We are highly experienced in finding tenants in Philadelphia placing hundreds over the last few years. A few insights;

    1) It's tough out there. 2023 and 2024 were both brutally difficult leasing years in Philadelphia. Supply continues to exceed demand throughout most of the city (with a few exceptions)

    2) Your HCV strategy is certainly the hot thing right now. With payment standards significantly above market, many investors have shifted to this HCV focus. With more property owners competing for voucher holders, your HCV holders are currently the 'prettiest girls at the dance' and they essentially have their pick of quality rentals. For this reason- you really need a top-of-the-line rental to attract Section 8 tenants in Philly right now.

    3) Historically speaking leasing activity spikes again around March. Hang in there.

    Otter Property Management4.8628 Reviews
    WebsiteView Page
    1Reply
  • Paul Lucenti
    OP
    Investor · Long Island · Member since 2023 · 36 posts · 21 votes
    1y
    Quote from @Kevin Moyer:

    Paul, 

    We are highly experienced in finding tenants in Philadelphia placing hundreds over the last few years. A few insights;

    1) It's tough out there. 2023 and 2024 were both brutally difficult leasing years in Philadelphia. Supply continues to exceed demand throughout most of the city (with a few exceptions)

    2) Your HCV strategy is certainly the hot thing right now. With payment standards significantly above market, many investors have shifted to this HCV focus. With more property owners competing for voucher holders, your HCV holders are currently the 'prettiest girls at the dance' and they essentially have their pick of quality rentals. For this reason- you really need a top-of-the-line rental to attract Section 8 tenants in Philly right now.

    3) Historically speaking leasing activity spikes again around March. Hang in there.


    Thanks kevin - definitely have noticed that. We bought 3 in 2022 and the properties were rented within a couple weeks. Now it's definitely more of a waiting game - They still have a huge waiting list for the HCV so we know we'll get someone eventually. I'm going to send you an email, we are looking for current PM or just help with finding tenants.

    Thanks again for the reply 

    0Reply
  • Nick Rutkowski
    Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
    1y
    Quote from @Paul Lucenti:

    Hey all

    We are currently looking for someone who is experienced in finding tenants in Philadelphia. We only look for tenants that possess a housing voucher, but sometimes in the winter months leads go cold. 

    If anyone specializes in this in the Philadelphia location, feel free to drop your info below!

    Thank you.

    We are also in the middle of winter, the timing this part of the year can be hard too. I'm from Ithaca, same thing as Philly, places rent out in a day or two. Now it's taking a month or so. I'm just starting to see the trickle of applicants starting to pick up. What are your marketing strategies you're using to rent your apartments?
    1Reply
  • Paul Lucenti
    OP
    Investor · Long Island · Member since 2023 · 36 posts · 21 votes
    1y

    I rent out to HCV tenants so I use affordablehousing.com, go to housing fairs, Facebook marketplace and Zillow. 

    most of my success happens from affordable housing, some from Facebook marketplace. How do you go about your marketing? I'm sure I can use some tips or advice  

    1Reply
  • Nick Rutkowski
    Rental Property Investor · Ithaca, NY · Member since 2015 · 1k+ posts · 1k+ votes
    1y
    Quote from @Paul Lucenti:

    I rent out to HCV tenants so I use affordablehousing.com, go to housing fairs, Facebook marketplace and Zillow. 

    most of my success happens from affordable housing, some from Facebook marketplace. How do you go about your marketing? I'm sure I can use some tips or advice  

    You're doing everything I'm doing as well. I heavily market on FB. Have you tried local marketplace communities on Facebook? I've gotten a few extra hits off there. Did you post a for rent sign up? (Seems rookie but it helps) You could make a quick flyer with runners and post it in your public library too. (Shooting from the hip on that one)
    0Reply
  • Stuart UdisPro Member
    Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
    1y

    @Kevin Moyer Raised an excellent point regarding increased rental housing supply in Philadelphia. Building owners who never considered themselves housing choice voucher recipient landlords have turned to the program to help with lease up strain. I have observed building owners in lower tier Fishtown locations and developing areas of Kensington, Brewerytown etc. pivot to the HCV program to meet lease up objectives and avoid defaulting on their loans. While there are indications the spiked supply will be absorbed within the next few years, expect property owners to continue to turn to the HCV program to act as a bridge. The increased competition for HCV voucher recipients and limited supply of HCV vouchers will continue to hurt the landlords in the lower tier neighborhoods that historically have served as the leading option for HCV voucher recipients.

    [email protected]
    0Reply
  • Corby GoadeBusiness Member
    Investor · Boise, ID · Member since 2014 · 3k+ posts · 3k+ votes
    1y

    I'd suggest you hire an experienced and well connected PM. Vacancies will kill your profits and then some, having a pro fill and manage your properties and make it passive for you will likely net you MORE, not less. Lots of new investors step over dollars to pick up dimes and this is one way you can focus on activities that have much better ROI.

    0Reply
  • Alan AsriantsBusiness Member
    Real Estate Agent · Philadelphia, PA · Member since 2019 · 1k+ posts · 1k+ votes
    1y
    Quote from @Stuart Udis:

    @Kevin Moyer Raised an excellent point regarding increased rental housing supply in Philadelphia. Building owners who never considered themselves housing choice voucher recipient landlords have turned to the program to help with lease up strain. I have observed building owners in lower tier Fishtown locations and developing areas of Kensington, Brewerytown etc. pivot to the HCV program to meet lease up objectives and avoid defaulting on their loans. While there are indications the spiked supply will be absorbed within the next few years, expect property owners to continue to turn to the HCV program to act as a bridge. The increased competition for HCV voucher recipients and limited supply of HCV vouchers will continue to hurt the landlords in the lower tier neighborhoods that historically have served as the leading option for HCV voucher recipients.


     It can also lead to a shift in the neighborhood. I think this is what is really missing from the conversation. This happened in Germantown and E/W mount airy back in the day. If you occupy a large mixed use building like this near single family homes with HCV, you can really change the neighborhood. once word catches on, some will start to sell/move

    [email protected]267-767-0111
    Alan Asriants - New Century Real Estate 591 Reviews
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