Looking to rent a house in Garner, NC. 3 Bed, 2.5 Bath, 1560 sq ft. I've hired a property management company to find a tenant. This is because it's a 40 minute drive, and I do not have time to screen and meet for showings, with my full time job. With them just charging half of 1 months rent, it's a good trade off for me.
However, I will say that the place is not seeming to have success in renting. The rent price is $1250, which is fair according to rentometer.com as well as what the property management company says. In fear it will still remain vacant in August, I've lowered it to $1225. I really thought this time of year, I wouldn't have a problem finding a tenant. However, there hasn't been a ton of applicants, and every applicant has had red flags. Lack of income, or a history of evictions.
Any suggestions on what could help this situation are appreciated.
@Ben Kirchner Look on Zillow for your area and filter by "for rent" See what it says rental prices are for similar houses nearby. If your not getting showing a $25 reduction probably isn't going to make much of a difference.You may need to reevaluate the rent.
Look at the pictures and ad the PM has if you can. Maybe they need to take better pictures?
Where is your PM advertising at?
I would place ads on Craigslist and Zillow and list the PM's contact info. Let them field all the calls.
Facebook Market place is also popular but everyone will be messenging you which might not be a bad think. Just tell them to call the PM.
@Ben Kirchner how long has it been vacant ?
I would start with a rent survey. Look online for properties in the same area and go drive around the area. Then start making calls and find out about your competition. Could be your price is high, which would be my guess. But could be your deposit or what the tenant has to pay or something else.
Have you been getting showings? If not, why not? Here again, price can be a killer. Best to be right at or just below your competition. Being even a little higher can mean you get ignored, or end up with a crummy tenant.
Have a friend call the PM and inquire about the property. Is the PM easy for a tenant to get in touch with? Are they responsive? Friendly on the phone?
If you have been getting showings, what has the feedback been?
Is there some defect with this property, like being next to a busy street, that might affect the rent more than you think?
Does it have a yard sign? This is my preferred way to find a tenant. If they're out driving around I know they're really looking. If they call off a sign I know they've seen it and the neighborhood.
Without knowing where your place is....
Garner spans a lot of area. If your place is south of the 10-10/50 intersection parallel, that may explain your experience. Garner covers Wake county and Johnston county, and your school district may explain rental demand some too. I have a SFR coming on the market soon but just a few miles south of the beltline in Wake county and I expect demand to be strong.
South of the Cleveland crossing area I think there is some 'seasonal softness' that was common in Wake before the out-of staters bought the place up. If in that area, too, the 42/50 road construction spans many miles and impacts traffic like I've never seen before. 20-25 minute delays are common. Total insanity. I'm avoiding everything between 40 and 50 and all of 42 for at least the next few months.
You can’t squeeze two hours out of your week because you work a full time job ..so does everybody else ...are you serious ? How many hours do you work in a week ? 40 Miles is nothing ! Don’t be lazy about your investments . You think it’s a good trade off to pay a property manager to do such a simple task, but they aren’t doing it ! look it’s only a good trade off if the company actually fills the vacancy!