Hello. I have a few multi-family properties in the city of St. Louis. I've been buying them for a few years now, and I have to say it has been tough. Our downtown has been coming back for a while now, and you can still find deals there. There is a problem, though.
I've had a very tough time finding tenants. Whenever we've had vacancies, it has taken a few months to get them filled. I've been advertising in the paper, on the lawn, on craigslist, on socialserve.com, and still it has been very very tough.
I have a 2 bedroom unit that has been totally rehabbed and has gone empty for almost 3 months since. I've had 2 applicants, but they have had histories of evictions, so that was a no go. We're getting 2-3 showings a week, but no luck. I have a management company watching my properties and they can't figure it out either.
Does anyone have any suggestions? We've dropped our prices from $525/month to $450 a month, which makes it an amazing deal, even in St. Louis.
I'm just pulling my hair out here. Does anyone have any suggestions?
My common sense advice: hire a new management company.
My experience: try cleaning up the front yard, planting flowers (not this time of year though), install a fancy looking front door, install new windows in the front of the house. Tenants really seem to like those cosmetic changes that give your building curb appeal.
Why would I hire a new management company? What can a new company do? The company I'm with is advertising and doing showings.
Any other people have thoughts here?
hi stlinvestor. i come across at least three to five working professionals per week asking for rental property. where is your building located? what are the lease terms? this time of year, a lot of people are relocating and st. louis is one of the spots.
Have you been able to rent your units out yet? I know its pretty damn cold there this time of year. I hope things are working out there for you. Good luck!
Hey stlinvestor. Do you have any updates for all of us?
have you tried socialserve.net ?? or .gov or whatever it is? thats the section 8 website for finding tenants. craigslist also works really well