Honolulu, HI · Member since 2014 · 2 posts · 0 votes
I was recently brought in to fix a vacancy issue involving a 74 unit multifamily apartment complex. 19 are currently vacant, which is a 26% vacancy rate. I'm in a market and a price point where this level of vacancy shouldn't be happening.
For configurations, we have 2BR/1BA and 1BR/1BA vacant. We have newly renovated and non-renovated apartments, which will command different rents.
What's the best way to rent this quantity of apartments out? I'm thinking about the below 4 postings on all the free sites such as Craigslist, but wanted BP's take on how to approach this situation. This tenant base is workforce housing so not sure if there are less-technological ways of marketing this also.
-2BR/1BA renovated
-2BR/1BA non-renovated
-1BR/1BA renovated
-1BR/1BA non-renovated
How would you guys handle this quantity of vacancies?
Renovate them all - even if you get the same rent as your competition, once you are full then you can bump rents. Whenever I purchase a SFH always renovate to the 9's always no exceptions. We get better class of tenant / units lease up very very quickly ( I just rented a unit with no kitchen as cabinets were delayed , yet they could see the rest of our renovations so they bit -736 CS ). Absolutely would never run any adds on C L . We rent majority of our units off red signs look like a house saying for rent with a phone number super EZ! PM and remind me if you want to know websites- all free and I;ll ask my assistant.