Looking for a little advice on advertising a rental. I have a vacant 2 family apartment (part of a 4 family building) and am having trouble filling the vacancy. The unit was recently renovated, rent is competitive (I didn't raise it above the price I got last year) and the location is very nice. Supposedly the vacancy rate in our area is 2-3%. Have never had to wait this long to fill a vacancy. Advertising on Craig's list, apartments.com, imanagerentals.com and using a yard sign. Any suggestions on how to get it rented quickly are welcome and appreciated. Thank you.
Patience is the key. You need to wait for the right applicant.
Be carful your rush to rent does not compromise your screening standards. Getting it rented quickly should never be your primary goal.
Zillow, HotPads and Trulia always give me the majority of my leads! Can you send us a link to the ad, maybe the wording or pictures could be improved?
I also advertise on other sites like Zillow, hot pads, Trulia. I have also advertised on the MLS. I've offered the existing tenants a finders fee, "Select a new tenant for your building".
Its starting to get into the bad time of the year in the cold weather areas: I say Thankgiving to Super Bowl is a dead real estate area for both buying and renting.
And I'd consider lowering the rent, rentometer and other sites have average rents for the area. Huduser.org has median rents including utilities for the entire country. And sometimes lowering the rent $20 or $25 makes a difference. Also I use price point pricing so rents are $795 instead of $810 or $800 for example.
Okay thank you all. Good suggestions. Yes, I always screen tenants with rent history, credit, criminal background and will never rent without doing that first. Would rather keep a vacancy vs. rent to the wrong tenant. Linda, I think that I do need to improve my pictures and perhaps wording on Trulia.....very basic add and probably getting lost in the weeds. I've always had good replies with craigslist but not this time around. Have also offered up finders fees but no leads there yet. May consider dropping price a bit.
I have a listing on Craigslist, Apartments.com, Cozy.com which goes to realtor.com, Zillow.com which goes to hotpads, and trulia, and rentlinx.com. Rentlinx syndicates listings as well to a couple other random websites not sure which.
Any other suggestions where people may be looking? I did not list it on the MLS because the MLS syndicates to all the ones I just mentioned and I do not feel like co brokering right now.
Anyone have any other possible places to list my rental? Out of the 20 inquires so far none of the prospects have household income 3x times the rent, sadly.