Mine is at 34days n counting and its pretty annoying. My rent is set at 1570$ for a 4/2.5 2700sf house in the NE with good schools. Initially i was getting good showings but now its dropped to nothing even after a price drop. Is the rental market here always this brutal or is it time of year?
I haven’t had a rental sit more than 30 days yet. I have 6 that I have rented in the past 10 months. But mine are lower price range (ranging from $600-$1300/mo). I’m wondering if the more expensive rentals take a little longer to rent? Good luck to you!
How are you marketing it?? Do you have it with a realtor? Yard sign? Craigslist? Website? Facebook? Do your friends or family know that you have a house that you are renting?
I try to tell everyone that I know so that they can tell their friends and family and co-workers.
Believe it or not, for San Antonio, @Betty Cruz is right. When you get over $1000 or $1200, people are a little slower to move. IT sounds like a big house, but $1500+ per month is a bunch of money for people around here. I dont know the subdivision, so I cant tell you exactly, but some parts of NE area vary drastically in price within the same zip code.
I am getting ready to put up a rental on the market in the Jefferson High School area and it will be $1500. I am kinda scared it will take a little time to rent also.
Definitely seems like the price. I helped a renter look for houses in the northeast area and the majority were on the market 30+ days. Houses under $1200 per month go much quicker. Someone will come along, but if it ends up taking too long to rent, you could always Airbnb the place and make close to the same amount. Good luck!
Not an expert but I’m guessing like the others have said it’s your price. Most people in that rent range probably just buy a house, so you need someone for whatever reason can afford your rent and don’t want to buy.
A good rule of thumb I find (assuming it’s not an expensive coast city) is to stick to the 750 to 1200 rent range, depending on the city
Do you want to tell us the address so we can look at the comps for you? That seems like a long time for a house to sit.
Jerry, Have you considered Airbnb? Homeowner's that have a hard time finding Rentors sometimes turn to Airbnb and most of the time experience higher returns. It does involve more work organizing and hiring out cleaning in between bookings but if you're not extremely busy this is a great option. Final Four is this weekend and Airbnb's in San Antonio have skyrocketed, some houses close to downtown are renting out for more than $1,000/night. 🙀Crazy!
Hello everybody! Thanks for the input. I have not explored the airbnb concept yet. The house is vacant and i am out of town. I have a large pm company managing the listing. i just got a recent cma and im definetely competitevely priced. its just scary to get up into the 60day range and certainly something i wasnt counting on. Thanks for any feedback
Hey. Hello. Well I live by the seaworld area... and there are seasons when a lot of houses suddenly are for sale and for rent at the same time.
I've noticed that in these neighborhoods, at least in mine. Houses for rent remain vacant for several months, up to 5, 7 mths or even a year.
It's a middle class area...
@Jerry Lundergard 30+ days is too much time for San Antonio. Even though you may be competitive it doesn’t mean that it will rent quickly. You might be at a higher range for that neighborhood and that could be why it’s taking so long to rent.
We have a lower priced home ($1200, dropped from $1300) in a Class C area in NE San Antonio that's been vacant for close to 60 days since going on the market. We recently sacked our PM and hired a realtor that was recommended by friends/family to show it for us.
Make sure the house is actually in showing condition by visiting. Our PM didn't do a good job on make-ready. They skimped and overcharged on repairs, cannibalized parts from other rentals. She seemed inexperienced in how to stage a house for showings and basically did nothing to market it other than list it on MLS. We found insects on the floor and the back yard was overgrown with weeds.
The new realtor / PM did some light cleaning and some small repairs and is going to take care of it while it is on the market. He's going to charge a little more for management but it seems like he feels incentivized to get it rented or sold.
I am just out of town currently but i was living there and did all the reno. granite, porcelain tile floors, new paint carpet etc. its spotless and i hired and watched them clean it my self. The house rental comps 1600 to 1650. its pretty well spotless.
I think this is a combination of being a higher price point and the slow season for rentals. When you do get a lease, I'd try to have it expire this summer or next by shifting the length of the lease. Our rentals always fill faster in the summer. Just my two cents.
One more idea if you have equity is to sell it and buy two lower priced rentals. Depending on your overall strategy. You could use a 1031 exchange. Sounds like it's already ready to sell. I just sold one that had appreciated above where I like my rentals and did something like this. Just a thought. One more thing, if you get multiple inquiries, try booking the showings at the same time or ten minutes apart so that they see each other looking. Sometimes this gives a bit of a sense of urgency to someone who may otherwise drag their feet to make a decision. Also, if one doesn't show up then hopefully you haven't wasted your time or PM's time showing it. Also make sure to post it on any social media sites you may be on.
Best of luck.
I think ive gotten to the bottom of my problems. My house is very clean like i said with porcelain tile throughout downstairs and upstairs baths. Granite counters, ss appliances, new carpets and big with excellent schools. plus its definetely priced below market. i think my problem was that i have had 3applications and each time my property would be marked pending or taken off market. im not entirely sure which but i know it had some pending status. the first applicant they rejected but my property was not being shown and was not being followed up on in this pending status. The 2nd applicant basically came up with excuse after about a week. So that was almost 2weeks of pending or something status right there. On thi 3rd current applicant they want to accept him with a move in on the 27th april with a nonrefundable 500 deposit that will go to his rent if he moves in. I accepted that deal. I also insisted my property remain open with no status changes which the pm agreed to. My problem is i still havent got a signed doc or deposits yet and was still getting showings that i dont believe where followed up on by my pm. The pm uses central showing and never shows up to showings and did not follow up on previous showings. That was supposed to change after I contacted someone else in the pm company to check out what the problem was. So i am getting apps in pretty quikly with followed up showings but i know for certain each showing was not followed up on. My main problem is i really like the pm company but dont entirely trust my personally assigned pm to go out of their way to help me. Like answer calls after 5pm or on weekends, holidays etc...
Hey @Jerry Lundergard , I think you found your problem. Property managers are not always the follow through people that you want them to be. I would think that if they want your 10% every month that they would work their a$$ off to get the property leased. If it is vacant they get nothing, right?
You might just need to get a new property manager or company. I would definitely speak with a company rep and have them give you a different property manager. They dont always realize that this is a big expense for you every month.
Let us know what happened.
I manage SFH near Seaworld, and could not imagine a vacant unit going 5-7 months. That would seem like negligence in this market.... More than 2-3 weeks, and I would think something is wrong.
Should they rent pretty fast all over the city, or are there areas where it is hard to rent them? I just looked at the area east of the Alamodome and there are a bunch of properties listed for rent for quite a while.
We finally got ours rented. Our realtor/PM works hard. He cleaned up some problems left by the previous PM and got it rented in 2 weeks.
Your PM sucks....bottom line.
NEVER take a listing down or mark it as "pending" until the lease is signed and you have the $$ in hand. Until that happens, the unit is still available and up for grabs to the best candidate...end of story.
Unless there is something really wrong with your unit, it shouldn't be vacant for very long in just about any market. If its is, you are in a bad rental area...over priced....horrible time of year (i.e places that have bad snow etc) or your place is a dump
This one is on the PM you had....... horrible. Their job is to "sell" your unit and "close the deal".....if it sits, they don't lose a dime...you do. If they aren't motivated to do their job, get a new one that is.....
@Jerry Lundergard Did you get it rented?
Hello everyone! Yes I got it rented. There was a 500$ nonrefundable deposit to hold it till end of this month. I know my house was under market and very clean with new everything so the 2.5 months to get it rented was not cool. I need to start vetting new pm companies for next year or for when ever these tennants move out. i appreciate everyones input.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.