Favorite tip for renting in a slow market?

Question

The rental market is slowing down for a variety of reasons (economy, weather, holidays, etc.).

What are your favorite tips or tricks for keeping rentals filled in slower markets?

Keith N. · Answer

I listed a home for rent in November and received unusually low interest. Once I showed the property to the only seemingly qualified applicant, I offered December rent free. Then I got a 14-month lease signed so that the lease wouldn't end around the Holiday's again. Also, NEVER lower your tenant criteria because you're desperate a home isn't renting.

Nathan Gesner · Answer

You give up a month of rent and one year later you are right back in the same boat. Why not a shorter lease or a longer lease that ends in the spring/summer cycle?

Eliott Elias · Answer

Offering a month free with a year + lease signed

Will Fraser · Answer

Combine Elliot's tip above with an uneven length lease to reduce vacancy risk during the slow season on the next go-around (i.e. I'd sign a 17 month lease now instead of a 12 month, so free month + 16 paid = end of lease in April and option to renew for another fixed term that gets us past the slow season)

Nathan Gesner · Answer

I agree. Lower your price, not your standards.

Did you consider a shorter-term lease? I prefer month-to-month or a six-month lease, with the understanding they have to sign a one-year lease in the spring.

Malkia Ra · Answer

Lowering the rent typically works; however I've found it also attracts more unqualified tenants.

My leases are always month-to-month. Not a fan of long leases.

Keith N. · Answer

I definitely understand that a longer term lease favors the tenant more than the landlord. However, I don’t want to go through the hassle of potentially having to screen and re-rent only a few short months later.

I make sure I have a really good feeling about someone when signing a longer lease (and also do background/credit check & online research of the tenant on LinkedIn/Facebook, etc.)… that way I’m confident I won’t be stuck with a headache tenant.

Favorite tip for renting in a slow market?

Favorite tip for renting in a slow market?

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