Iselin, NJ · Member since 2015 · 3 posts · 0 votes
Hi i own a properties around Garfield heights / cleveland area. What is the average vacancy rate at a C class / C+ neighborhood? After turnover, it takes my property mgr 3-9 months to rent. Is that normal? For me a normal range is 1-2 months max. But i wanted to know from other investors or property managers in the Cleveland market area.
Investor · Cleveland, OH · Member since 2019 · 147 posts · 156 votes
5y
@Zorawar Singh Hey! I'm a Clevelander myself and have some property in Maple Heights right near Garfield. It DOES NOT take us more than a week usually to get a good tenant in our property. I think it's ridiculous that it takes your PM company that long..
It's hard to say what the actual vacancy % is because it's dependent on so many factors, but what you're experience sounds unacceptable to me. Turnover shouldn't be more than a week or so assuming it's nothing major, and usually we get pretty eager tenants looking for our apartments.
What management company do you use currently? I can recommend one if you need. Happy to connect since we're both playing on the same field.
Rental Property Investor · Austin · Member since 2019 · 4 posts · 3 votes
5y
3-9 months in Garfield Heights doesn't sound normal. I have a few properties there, and we had one on the market in May at the height of the lockdowns. It still rented in a month. Are you counting the renovation/make-ready time as part of the 3-9 months?
Investor · Cleveland, OH · Member since 2019 · 147 posts · 156 votes
5y
@Zorawar Singh Hey! I'm a Clevelander myself and have some property in Maple Heights right near Garfield. It DOES NOT take us more than a week usually to get a good tenant in our property. I think it's ridiculous that it takes your PM company that long..
It's hard to say what the actual vacancy % is because it's dependent on so many factors, but what you're experience sounds unacceptable to me. Turnover shouldn't be more than a week or so assuming it's nothing major, and usually we get pretty eager tenants looking for our apartments.
What management company do you use currently? I can recommend one if you need. Happy to connect since we're both playing on the same field.
Iselin, NJ · Member since 2015 · 3 posts · 0 votes
5y
@toye ade, i meant to stay after renovation is completed. I thought so too, anything over 3 months after reno seems to be not in par. These are section 8 tenants(this is Single family house and not even duplex). I get response that section 8 housing is slow, either the inspections, or something else delays the process. I think regardless it shouldnt pass 2 months once its rent ready. Thanks for your feedback
Iselin, NJ · Member since 2015 · 3 posts · 0 votes
5y
@Michael Orlando, i agree with your point and thought so too. I dont want to mention my PM company here but i will DM you to discuss. I also own other SFR's around Cleveland area in C class neighborhood, i'm getting a hard time getting those rented(section 8 tenants). I get told either the section 8 is slow, or process takes forever or some other issue but regardless anything over 2 months is ridiculous. It takes my PM 6 months to rent at the minimum after they are rehabbed and rent ready. I will DM you to discuss.
Property Manager · Cleveland, OH · Member since 2016 · 67 posts · 53 votes
5y
We manage a number of units in the Cleveland suburbs and If it is priced correctly and the unit is ready to go - cleaned, painted, presents well. It should rent in 1-3 weeks.
Investor · Akron, OH · Member since 2016 · 2k+ posts · 4k+ votes
5y
I put a property in the north suburbs of akron (about 30 minutes south of your area) on the market 2 weeks before christmas and had 6 solid applicants in 4 days. We do extra nice renovations, but the unit was priced at the top of the market for the neighborhood. It shouldn't take that long. Is your property on gosection8.com?
Property Manager · Cleveland, OH · Member since 2020 · 268 posts · 315 votes
5y
I have a vacant unit in Garfield Heights right now and once we started marketing it we have had a huge number of section 8 and regular paying showings and a few applications. For section 8 it would take close to 3 months, our last section 8 tenant took 10 weeks for CMHA to process after we submitted the forms. I would say for a cash paying tenant it’s 2 weeks to place and maybe 2-4 weeks until move in. Conservatively 4-6 weeks from ready to move in day, many times it’s less but I don’t bank on it.
Property Manager · Cleveland, OH · Member since 2020 · 32 posts · 19 votes
4y
Hello Zorawar,
Our company has a tenant placement average time of 26.7 days and max 39 days once the property is rent ready and marketed. It could be a matter of how the property is marketed, I would suggest contacting a property management for leasing only services. That way you can get a tenant screened, placed and moved in a timely fashion without the headache of pushing marketing strategies yourself.