Any tips on marketing a 1 BR condo for rent? Is there an ideal demographic I should be targeting? It's an updated condo in well maintained community, close to Boston. The market is said to be favorable to Landlords.
Background: I started renting out my 1 BR condo in August 2012. First tenants were an unmarried couple in their early twenties. They broke up mid-lease; one left and one stayed through the 12 months. Second Tenants are also an unmarried couple in their early twenties. Due to financial hardship, after 7 months they asked to be released early.
I know 1 bedrooms can be more challenging to rent, and when they are rented, tenants typically don't stay more than a year.
Any tips would be greatly appreciated. Thanks!
When I rent to an unmarried couple, I require that each be able to qualify on their own, thereby partially eliminating the problem of split ups.
suggest you name the town, and use keyword massachusetts, (nevermind, I just did) to get more responses
Whenever I marketed 1 bedroom apartments I always invested in one near a college or downtown near jobs. I have noticed a higher rate in offers from college kids, and those who just graduated, got a job, and it is downtown near all of the jobs. The majority of the time you will not find someone to rent for more than 12-24 months, however the traffic is always there. Also, use postlets to advertise, you may find more tenants that way.
Thanks for the tips. The property is in Quincy, in walking distance to public transportation and shopping areas. Btw, my Tenants told me that they may be able to finish the lease after all. But I''ll probably need to find new tenants for September.
Originally posted by @Ann Bellamy :
When I rent to an unmarried couple, I require that each be able to qualify on their own, thereby partially eliminating the problem of split ups
Is that legal under fair housing laws? That could be seen as discriminatory as marital status is a protected class. The fair housing act prohibits the following for protected classes
- Refuse to rent or sell housing
- Refuse to negotiate for housing
- Make housing unavailable
- Deny a dwelling
- Set different terms, conditions or privileges for sale or rental of a dwelling
- Provide different housing services or facilities
- Falsely deny that housing is available for inspection, sale, or rental
- For profit, persuade owners to sell or rent (blockbusting) or
- Deny anyone access to or membership in a facility or service (such as a multiple listing service) related to the sale or rental of housing
It'd be similar to requiring a couple of a certain race to each qualify on their own while another race could qualify with half the income. Have you run your policy by an attorney?
Good point. I'll check with my local attorney. But I have the same policy for roommates. In other words if the IRS says they can file jointly then I consider their income together. if they can't file jointly then I require they qualify separately. Interesting point.
@Steve N. Welcome. I put all my rental listings on CraigsList.