Why is this place not renting?

Question

I bought a duplex, have it rehabed, clean, fresh paint, decent neighborhood, price is right, but no serious prospects. Is this time of year generally slow to fill vacancies?

Jon Klaus · Answer

Price, condition, location, and exposure. Sounds like you've got a handle on the first 3, but how much exposure is it getting?  And yes, I've found that now through the end of the year is the slowest time, but keep marketing.

Account Closed · Answer

It's similar to the suggestion Elizabeth  Colegrove had...but it puts all the savings up front instead of spreading it over the term of the lease.  What would attract you as a renter?  Slightly lower rent or a whole month FREE?  This wouldn't work in every situation, but in my scenario, the numbers work out the same.  They either save $100/mo. or $1200 up front.

Moving is expensive...take away some of the financial burden of moving and people will flock.  :)

John Chapman · Answer

I really don't think you can underestimate how much "time of year" affects things, @Steve Babiak  says.  I'm in a far more temperate climate, and last year picked up a couple of houses around the holidays in very desirable, hot areas.  I priced them slightly below market in terms of rent, posted my ad on CL, and waited for the phone to ring.  Nothing happened.  I got a few nibbles but nothing serious.  Finally, after the holidays were over, I started getting some interest but at that point I was getting nervous too.  Long story short, I rented one of them way under market and I'm evicting the tenant in the other house right now, ironically, in the midst of the holiday season.  I now time all of my leases to end outside of the holiday season.

Steve Babiak · Answer

I'd say time of year is a big factor in many areas.  My guess is that is possibly the case in your area - you're in the northern part of USA, and it's quite cold.  And it's the holiday season.  Those two things tend to keep renters in place wherever they are, and the renters aren't looking now for the most part.  And many don't like to change schools mid-year when they have children in public schools.

And the renters that ARE looking, well they might have issues so you have to be cautious.

Bill S. · Answer

There are obviously fewer folks looking this time of year, especially in Mt. After going for maximum exposure, what are you doing to make your advertising draw potential tenants to your place as opposed to the competition? Discount rents can be a way to make you place stand out. I don't like them because people look for a place in a price range and sometimes lowering rent draws less qualified tenants. While the 1 month free is good, it also draws the unsavory types as Shannon J.  pointed out. I prefer the $99 first months rent special. It sets you out from the crowd but doesn't "give" anything away. Some people do a free application fee but I have found that this attracts even more rifraf than free rent. People apply just to see if you check. If you do a lot of your own screening (free aside from time) then this can be effective, but you kiss a lot of frogs before you find that prince charming.

Can't agree with @Jon Klaus more that exposure is the staring point.

John Chapman · Answer

Sorry that got posted before I could finish.  My advice, hold out for the better tenant, even if it means waiting an extra month or two.  You will not regret it.

Bryan H. · Answer

Do you have it listed online? Lets see it and maybe we can help

Shad Dixon · Answer

I think people typically like to be settled before Christmas, so you may get someone in there for a mid-month move, but if you don't have someone the first week or so in December, I think it may mean it will be hard to fill before February- because the end of December means that people are occupied with Christmas and such and aren't allocating time to looking to move or packing stuff up.   My partner and I did have a vacancy at this time of the year once and we did fill it the first week of December for someone who had to be out of their current place by mid December so it worked- but if not for that person I think we would have been out of luck for a while.

Also- how is the rent?

Good luck.

Why is this place not renting?

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