Hi all ,
I have a very small size studio about 300 square feet , a lot people who saw the picture want to see but after seeing it all express that is too small for them.
Therefore is hard to rent out
Any experience landloard can tell me how to rent out a small size studio quickly
Location is in New Jersey about 20 minutes to mahathan by bus .
I generally have no issues renting studio apartments. The price per square foot is quite a deal higher than 1 or 2 bedrooms, but a low price point which attracts a great deal of interest.
Have you looked to see what other studios in the area are renting for? How does your pricing compare? Where are you marketing? I've had a great deal of success on Craigslist.
@Liz C. Think about your target tenant. Most likely a student or someone in an entry/lower level job who commutes to the city. Are there any university Facebook groups or forums you can post the listing in? School already started so maybe transfer students.
This is a little old school but what about hanging a flyer in a nearby gym. I always see ones at my gym and think it's a smart way to attract a tenant.
Jason and Lauren , thank you for your suggestion .
Let me explain , I post them on Zillow and Trulia ,I do got a lot calls . Like 10-20 emails and 5 -10 called for day.
But mostly unqualified tenant . Credit score under 650 and anual income less than 40 times of the rent.
So I have hard time to find right tenant.
Studio ,300 sq feet this is a small apartment but perfect for 1 person. see to appreciate, move in ready, credit score XXX income verified to = 3 times rent. Occupancy is limited to 1 person.
I really think 3 times the rent is high,, 2.5 might be better range for studio.
Put down great lease terms,, go month to month,, with a security deposit equal to 1 months rent and if they stay there less than 6 months you keep a 250.00 redecorating fee, and put that in term of lease.
Studio's are usually the easiest to rent.. in high demand,, and instead of setting appointments,, give address and say you'll be there from 11 to 3 showing unit be prepared to fill out application.
Thank you Deanna , I rent to a girl 2.5 times of rent . And she decide to move out because she can't afford it.
So this time I decide to do 40 times of monthly rent.
@Deanna McCormick , is it legal to put perfect for one person?
Just curious tho.
@Liz C. Yes it's legal..
You can set your occupancy levels at or below standards for city standards for occupancy per bedroom / sq footage...
I have always kept my studio's to 1 person,, 1 BR's one person.. and 2 Br not more than 3 people.. I don't want or need the extra traffic and or utility expense,, and wear and tear,, and noise of extra people ,, my 1 br buildings are so nice and quite with one occupant per apartment and the tenants appreciate it also..and OMG parking is a dream,, no extra cars and nobody to tow..
I presume usual standards are 2 people per bedroom,, but you can limit it to less, if you are consistent and the entire building is held to the same criteria..
Your first order of business is make a sketch of the room and dimensions. You save yourself a lot of unwanted calls and waste on prospect time as well. Also specify whom you are targeting, single, young couple etc.
Sounds like it might be perfect for an AirBnB if you are interested in that business. Furnish it with IKEA grade furniture, install a numeric code lock on the front door, purchase an extra set of sheets and towels and some kitchen utensils. Hire a housekeeper for cleanings, post your listing and you are in business. If you are in town, install internet and a desk and qualify for the business traveler AirBnB.
Advertise in the Lehigh Valley, Pa on craigslist.
Focus more on income and less on credit score. A studio is an entry level apartment. Most tenants will struggle with their credit score. My best tenants who pay on time and keep the house clean do not have a 650 credit score.
@Liz C. Where is the studio located? Please send me a link
I work in Manhattan and have numerous friends living in New Jersey