Rental Property Investor · San Diego, CA · Member since 2018 · 13 posts · 2 votes
Hello all, I am considering putting an offer in on a multifamily property in the Cleveland Heights area very soon and am concerned about vacancy and the ability to fill the unit(s) quickly. If everything works out, the closing would be right before the holidays. I expect a month or so buffer, but I'm also wondering if the cold weather in general is a major deterrent for renters relocating. Looking for any success stories or advice for a similar scenario. Thanks!
Real Estate Agent · Los Gatos, CA · Member since 2016 · 88 posts · 39 votes
8y
HI @Allison Jane - congrats on the deal! It's definitely harder to fill units in Cleveland during the winter, but not impossible. We were able to fill ~12 units from September to October of last year. I'd recommend offering a move in bonus and try to sign 16-18 month leases so that you don't run into this issue again. Good luck!
Rental Property Investor · Cleveland, OH · Member since 2015 · 1k+ posts · 880 votes
8y
It's not impossible to fill vacant units in the fall/winter. People are always looking to move. While the numbers aren't as high around the holidays than other times of the year, if the pricing is correct you shouldn't have too much problem.
Rental Property Investor · San Diego, CA · Member since 2018 · 13 posts · 2 votes
8y
Matt Motil thank you, always good to hear from people local to the area. I figure that since the property is a short drive to University Circle, Cleveland Clinic, and very close to universities, it may not be a huge drawback. You just never know...
Rental Property Investor · North Chelmsford, MA · Member since 2017 · 31 posts · 7 votes
7y
I bought my Duplex in Parma in Oct last year. It was rent ready right after Christmas due to rehab. I had it fully occupied by March. The first unit went faster (occupied in Feb 1) and the other unit was filled March 1st.
Hello all, I am considering putting an offer in on a multifamily property in the Cleveland Heights area very soon and am concerned about vacancy and the ability to fill the unit(s) quickly. If everything works out, the closing would be right before the holidays. I expect a month or so buffer, but I'm also wondering if the cold weather in general is a major deterrent for renters relocating. Looking for any success stories or advice for a similar scenario. Thanks!
There is definitely a winter slow down here in Cleveland. However you should never base a buying decision on something as small as a 1 time 1 or 2 month excess of vacancy. In the grand scheme of the investment $1,000 here or there isn't relevant. There will be many more swings of $1,000+ one direction or the other in your investing career. I recommend investors always focus on the big picture when looking into these properties.