Hello BP, I am having trouble getting a multifamily property rented. Both vacant units have been renovated over the past year and are roughly $100 under the going rate in the area. The location is good. I have multiple rentals in the area and have never gone this long with vacant units. At what point do you lower the rent to fill vacant units?
It depends on when during the rental process the deal falls apart. Depending on where/what the issue is lowering the rent may not help you out at all.
I have no answers for you, just LOTS of questions.
Here are my questions:
Are you getting any calls about the units or no contacts at all? If you're below market rents and not getting any calls is there a problem with your ad or do you need to place the ads somewhere else?
Are you getting calls but not setting up any showings? Is there another way to handle those calls?
Does the process fall apart when they view it? Maybe there's another problem with the apartment? Is it clean? How does it smell? Maybe you need to add another service?
Or do you lose them when you do the screening? Are you attracting the wrong kind of tenant? Maybe you've got to revisit your ad and where you've posted it.
How are you advertising your vacant units?Zillow, Craigslist, and even Facebook market are all free posts that get thousands of views
Andrew, I am receiving call and have had a good number of showing. Some have just flat out turned the units down but I have had a few want the unit but all had very low credit or a sketchy background check. For these units the rent is $750+ electric. My normal credit cut off is 600 and if they are close I have done 2 months down. Any advice you may have to close a few of the leads would be helpful. I am new at this as this is only my second property. Thank you!
Bradford, I use Zillow, hotpads, Facebook, and even have a sign on the main road closest to my unit.