Milwaukee vacancy rate

8 Replies

I have a question for my fellow Milwaukee investors. I have a 3 bedroom single-family home in the 53214 neighborhood. My tenant is leaving at the end of September after 2 years. I was wondering how long it usually takes to get a find a tenant and get them signed during a vacancy.  Do you show the property while the original tenant is still in or prefer to wait until they move out? Any tips would be greatly appreciated. This will be my first turnover. Thanks!

I start advertising and showing right away.  You don't want to bother your current tenant more than you have to so I suggest setting up 2 open houses for an hour each.  Do one open house from 5:30-6:30 on a week day and one early Saturday afternoon.  If you have your ads online a week ahead of time, you should have a decent turn out at each and be able to have your pick of applicants.  That's assuming the home is in decent condition and priced right.  

Get your current tenants opinion on the days and times of the open house and they are more likely to help you out by having the place clean and disappearing during it.

Jason you want to start showing it right away.  The peak rental season in this part of the country is essentially March through September.  You can rent out units anytime of the year but there is much less activity after September.  Personally I would make your next lease less than 12 months long because if they do move out at the end of the lease, I would rather look for a new tenant in July than October.

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Great Comments. I was concerned about finding a tenant in the later months and was planning on doing a month to month lease until June. The house is in good shape and the last tenant signed in November after it was listed for two weeks. I will be taking both of your advice. Thanks!

@Jason V.   If it is in good shape, if you have a tenant in place who has it tidy and well decorated, and the rent is appropriate, I would expect that it will rent pretty quickly.  Its only Thanksgiving to January that are pretty slow IMO.  I always show it when the current tenant is there unless a) they are slobs and it doesn't show well or b) they are uncooperative or other issues (e.g. you are evicting them)

@Jason V. Also establish a protocol with your current tenant ahead of time for handling showings, for example tell them you will e-mail them the night before if there is a scheduled showing, or however you want to handle.

I would also suggest starting running your ads now for a new tenants.

Work with the current tenants on viewing property after you pre-screen 

your possible candidates. 

Now look outside your window: we probably have less than 79 days 

before the weather changes to winter. Time is of the essences on 

locating new tenants.

A few options: month to month rental agreement or lease agreement 

until May or June or July of next year

We are Midwesterners :

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State fairs in progress

Back to school shopping has started

Gutters being cleaned

now what next ____  

I agree with everything mentioned, not much to ad. I usually start showing a home even during construction. what I have learned is that it is not worth to follow up with prospects, who are not excited and keep pushing for a decision. I am very picky, but within 2-5 weeks I can usually sign a contract. keep in mind that may include the tailend of rehab.

One other thing I picked up on BP and works great is a move out checklist with prices for everything that is broken, dirty or missing. $5 for a light bulb, $50 to clean a fridge etc..