Hello everyone, I hope you are all doing well.
I need some feedback on a property in Utah County we recently bought and listed for rent and I'm hoping you'll be able to help.
It's a 5 bed 2 bath home with a one bed one bath accessory apartment. We live in the apartment and listed the main home one week ago. A lot of people have come through it but we have received only one application. Is that normal? Should I be concerned yet? Or should I consider lowering the rent?
It's our first property so we really don't know.
@Martin Gonzalez one week isn’t a long time. Wait a month (total) and then re-evaluate
Lots of variables here. A few thoughts to pore over:
1. We don't know what you listed the rent for.
2. We don't know what the common rents are for a 5 bedroom home in your area.
3. 1 week is a short amount of time.
4. What does your listing look like? Does the interior of the home match the description in the ad and the pictures?
5. What does the neighborhood look like?
There are more things that may be applicable, but you'd probably want to begin by making sure the rent you're asking for is in line with similar properties in the area.
When you show the property, ask them what they are looking for in a new home, and toward the end ask them how this property meets their needs. A five bedroom is unique enough to potentially take longer. It could also be a turnoff to live so close to your landlord. You could also consider waiving the application fee to drive more applicants. Try to be flexible with showings. Think about places you could put flyers, such as where foster parents hang out. But agree it is too early to stress.
https://www.avail.co/i/Nezd you can get free rent analysis here. Maybe this will help.
@Martin Gonzalez the price is too high.... the first week should be the busiest. After that the buzz starts to wear and the views will go down
Impossible to answer. First, is there any demand for a five-bedroom? I'm managing rentals in a town where single-family homes with 3+ bedrooms are hard to find and there's a plethora of 1-2 bedroom houses or apartments. Demand drives the price.
Second, is your home priced properly compared to the competition? Are there homes of similar size that you can tour and compare to yours? What is the quality of build, amenities, layout, room size, condition, etc?
Third, are you marketing it properly and reaching the target audience?
Fourth, your price should be lowered because you live on the property. A 5bed/2bath home is not the same as a 5bed/2bath home with the Landlord living in an attached unit or even a separate structure in the back.
If it smells heavily of fresh paint, that might effect it.
Low VOC paints take that factor out of the equation.
If it's price right it should rent within the 1st 6 to 12 hours especially with the huge demand in salt lake and Utah counties . So either the rent is too high or you are turning them off with some sort of rule or something else.
Try listing on all of Facebook Utah for rent pages, marketplace, and Zillow rental. You should get. Lot of activity.
1. We had two property managers give us an estimate on how much they thought it would rent for. One said 1500-1600 and the other said 1600-1700. We listed for 1600
2. According to rentometer the average rent for a 5 bed 2 baths the average rent is 1308 and the median 1488 in a 5 mile radius
4. We used cozy and postlets to post. Here is the link to the listing: https://home.cozy.co/apply/#!/685091/426049/overview
5. Honestly I don't think the neighborhood is so good but I don't think it's bad either. It probably doesn't help we're right next to an 8 plex.
Thanks for your reply!
@Martin Gonzalez I think your big problem is the fact that it’s a 5 bedroom 2 bath rental. That’s a tough rental to find renters for. Stick
To 2/1 or 3/1 or 3/2 and I bet you’ll do a lot better
@Michele Fischer Thanks so much for your reply. That's a great idea and will immediately start asking.
@Caleb Heimsoth That's what my first thoughts were but then doubts started creeping in. Thanks
@Scott Mac It doesn't smell like fresh paint at all or anything weird. Thank you
@Darren Larsen Thanks for your reply. Here's a link to our listing:
All feedback is welcomed.
@Cherie Orellana Thank you for replying. We used rentler, facebook, cozy.co, and zillow. We just got a second applicant so if they are not a good fit, I think we may just have to lower the rents eventually.
Seems like a 5 bed 2 bath with no garage and ac units to cool that much sq footage would be less desirable than most other 5 bed 2 bath that you are competing with. 380/month for utilities also might seem steep to some. I’d recommend lowering your rent and just stating “tenant responsible for all utilities” and see if that helps get any more interest.
@Martin Gonzalez not enough info obviously what a lot of people said
But in my experience and with my boss
5 bedrooms don’t rent out quickly like a 3 or 4 bedroom will.
Sounds like you got to wait a little longer for those people in the market for renting out a five bedroom
After reading more into the other comments, yes it seems to have some factors that would increase the time to finding a new tenant. I wouldn’t like that it’s next to an 8-plex if I was trying to rent it. Ever talk to some who sells homes or builders or in a community.
Certain spots next to certain things always take longer or are harder. You have to find someone who won’t mind the extra noise or maybe lack of privacy.
@Martin Gonzalez I would wait a couple more weeks! Utah County is highly competitive, but consistently growing market and summer is starting soon which means a lot of people will be looking to get into new or different rental properties!
@Martin Gonzalez Did you get it rented? Cozy isn't the best in Utah. I've found my most success on Rentler when I post the ads to facebook. I have a five bedroom in Orem that took a little longer to rent. I've found that most renters look about a month or two in advanced so being this close to the end of the month makes it hard.
Thank you all for your replies. We decided to wait a little longer before changing the price and got two applicants a week later one of which got a pproved! :D
Thanks again for all your help!