Rental Property Investor · Scranton, PA · Member since 2017 · 3 posts · 2 votes
For those of you with current vacancies in your rental properties — Are you getting them rented during the Coronavirus pandemic? I understand that location will influence this. If you are currently trying to rent out vacant units, what are you doing differently? Any success stories or perspective on this subject is greatly appreciated.
Investor · Leander, TX · Member since 2016 · 296 posts · 402 votes
6y
Birmingham, Alabama is renting like crazy.
My PM communicated to me that SFH leasing activity is way up and they are currently over 98% occupancy on all the properties they manage, which is in the hundreds.
They have never seen that high of a percentage of people in homes.
However vacancies are high in multi families properties. Looks like more people prefer the SFH than the multi family property during the pandemic.
I am currently sitting with a vacant rental since this pandemic started. It’s funny how I have been searching high and low about whether I should rent my property during covid-19. Common sense tells me know and I guess the lack of input surrounding this confirms. What did you end up doing?
Lender · Milpitas, CA · Member since 2016 · 376 posts · 248 votes
6y
We had some vacancies in our units, but we were able to fill them up within a week or so. I think the impacts due to the COVID-19 pandemic are very market dependent so some areas are impacted more than others.
Real Estate Consultant · Indianapolis, IN · Member since 2020 · 23 posts · 19 votes
6y
I would recommend still actively trying to rent out properties. There are still a lot of people looking for places to live. As a recent college graduate, it was really hard finding an apartment. A good amount of companies would not reply or did not care to lease apartments right now, because they are unable to force rent payments.
Investor · Leander, TX · Member since 2016 · 296 posts · 402 votes
6y
Birmingham, Alabama is renting like crazy.
My PM communicated to me that SFH leasing activity is way up and they are currently over 98% occupancy on all the properties they manage, which is in the hundreds.
They have never seen that high of a percentage of people in homes.
However vacancies are high in multi families properties. Looks like more people prefer the SFH than the multi family property during the pandemic.
Yes Anthony. You are correct. I passed final inspections right when the state stay at home orders for started. Since then I have had applicants but they didn’t meet the income/credit requirements. Now looking at the rent freezes I am wondering if I should keep it vacant rather than get a tenant in who may have intentions on squatting due to eviction freezes. The property is a Lovely property but in a very low income neighborhood in Baltimore.
We got our basement apartment rented on May 1st - right in the middle of the pandemic. Our daughter and partner are starting to look for their own place now (they've been staying with us). People need a place to live! I will say the new tenants paid the first month's rent and are now struggling. They are all in the restaurant business and they're furloughed. One tenant paid his 1/3 and the other two have moved back home where they know they have jobs. They left their car here and promise to send rent as soon as they can. Their jobs should be back open in August. So while I'm not happy about not having rent, I think they are doing all they can and not taking advantage.
Fresno, CA · Member since 2015 · 552 posts · 181 votes
6y
I've got several tenants just simply not paying and saying it's due to covid related stuff. They don't have covid but have always had issues before. My other tenants who are law abiding and hard working don't have issues.
The tenant that's taking advantage of the system is of able age and fine to work but he simply cons the system.
He sent me this link about how congress will pass more eviction protections.
Homeowner · Cameron Park, CA · Member since 2020 · 8 posts · 2 votes
6y
We bought our second home and are becoming first-time landlords during this pandemic. We've been paying two mortgages for a few months as we work through lease agreements and finalizing/updating our first home for rental. Wish us luck! Following this for notes.
Sending well wishes your way in regards to your rental property Marissa. Being very strict with the requirements such as income, credit score, and background checks Is only the half of assuring a good tenant. The timing of everything going on in the world is not good for most of us I think.
Portland, OR · Member since 2019 · 16 posts · 6 votes
6y
Hello Anthony, I am a on-site property manager in Portland, OR... My apartment complex completed construction in February of 2020 (Right before COVID hit), and we are a top tier complex with high end finishes and are sitting at about 70% leased out. I have had to adapt to the pandemic by offering self guided showings which is a little weird, but I thought it would help people be more comfortable with coming in and looking at our units. We have had to drop our prices a bit to make sure we are renting units out, but It has still has been slow regardless. Vacancy is the silent killer after all... If you have any more questions for me or want to chat I would be happy to! Thanks!
Any thoughts to what will happen when unemployment runs out in a few weeks , the country is still shut down due to covid causing more businesses to fail and more job loss. When the tenant can’t or chooses not to pay and we can evict until god knows when. Or better yet what happens with a horrible tenant that is constantly breaking the terms of the lease and no courts aren’t hearing these types of cases. I am a newby and these thoughts makes me want to hold off on renting my property.
My wife and I have nine SFHs in the midwest, including one that just turned over yesterday. Ours are all in solid B neighborhoods, and the houses are all economically rennovated. We haven't missed any rent yet, and have had no trouble filling vacancies. We've also been able to work in sizable rent increases with each turnover, with no pushback on price. This is about the best rental market I can remember.
Real Estate Agent · Tulsa OK. · Member since 2019 · 10 posts · 4 votes
6y
Here in Tulsa the market seems great. We rented one unit before the pandemic and it filled quickly. In the midst of all the craziness I purchased and rehabbed a single-family property and put it on the market the first of June. Had 20+ people showing interest and rented it out in a week.
Keep in mind we did upgrades that brought a lot of value to the property (ie. new open concept, kitchen and bathroom, windows, floors and paint, landscape). Because of this, it is one of the nicer properties in this B neighborhood. But it is has allowed a higher rent than homes in that area.
As an important note, screening your tenants is very important (you probably knew that...). My newest tenant is in the medical field so that brings a lot of security for long-term tenancy.
My best advice is...go after it. Don't let fear, uncertainty or whatever big giant is outside your door trying to bully you from your dreams and goals!
Rental Property Investor · Los Angeles · Member since 2019 · 284 posts · 184 votes
6y
Im in SoCal (Los Angeles area). I have a newly rehabbed 4bedroom 4bathroom up in the hillsides of Tujunga. I was originally going to flip but decided to rent it instead. I listed it above market rent to test the current market rate in the area ($5k/mo). And I'm still getting a lot of calls and have been actively showing the house.... So I know there's still a lot of folks looking to move. I got 2 applications in so far... but their credits are terrible don't have much in reserves so Im holding out for better applicants. If I don't get any hits after a couple more weeks, I will lower the rent slightly. Looks like having washer/dryer is a big deal since its whats being commonly asked during walk through appointments... so I've decided to buy some to hopefully attract more.
Also, this is the other thing Im doing differently... 3D virtual walk through:
Sending well wishes your way in regards to your rental property Marissa. Being very strict with the requirements such as income, credit score, and background checks Is only the half of assuring a good tenant. The timing of everything going on in the world is not good for most of us I think.
Thank you! I agree completely. We are east of Sacramento, CA, and with many Bay Area tech companies allowing employees to work from home, we're seeing an influx of folks moving up here. Homes are selling for tens of thousands above asking, so I'm hoping the rental market follows.
New to Real Estate · San Diego, CA · Member since 2017 · 3 posts · 1 vote
6y
I own apartments in New York City. Never had a tenant vacancy issue ever, period. However now its a hard market from top revenue earning point of view at-least for a year or two. I have added the following clause with a 30day notice, its easier to work with people first , then courts.
A good guy clause, typically found in rental agreements in New York City, is a provision that allows a tenant to be released from the liability of completing the agreed upon rental period, assuming the tenant vacates the rented space and leaves it in favorable condition.
Rental Property Investor · Member since 2020 · 172 posts · 110 votes
6y
I'm going to wade in here, but with a caveat that I don't know anything really. I own 5 doors in New Orleans.
I was doing STRs when covid hit and had to transition to long term renters. I did a lot of reading and spoke with people I knew, but in the end still had to make decisions. I put in a clause in the lease that they couldn't use Covid as an excuse not to pay their rents, since Covid was already happening and they were aware of this. I realized it wasn't enforceable since there was a no eviction order in effect, but in a lawsuit it would have been helpful.
That's the other thing. I was pretty straight forward that I would sue them. I didn't want to, but I couldn't afford not to. I'm to small of an operator. Just because you can't evict someone doesn't mean they're not liable. So a lot depends on the type of tenant. If they have a good credit rating, over 700, then that likely means something to them. People with nothing don't care, but people who have things to protect don't want to get sued and have their credit ruined.'
It's not that I'm unsympathetic, just if you're moving somewhere and you already know the situation, then you should have the means to pay rent. If something real came up, and I had reason to believe them, we would work it out.
Where I would be more hesitant in the current environment would be renting to someone who didn't have a credit rating. I'd be more inclined to let a place sit vacant longer than allow the wrong tenant, or take a risk on someone I wasn't 100% sure on. And I mean more than usual even because right now it's going to cost a lot more to get stuck with the wrong tenant than it usually does. So to me I think it means you up your standards to the point that you feel comfortable.
Real Estate Agent · Santa Clarita, CA · Member since 2020 · 39 posts · 36 votes
6y
I don't see any problems with vacancy in the area I live in. I have a spare bedroom in my house and I was able to quickly find a person interested in the bedroom. I actually believe there are a lot of people buying homes right now as well as a lot of people looking to rent a house. Some of the renters may be someone who recently sold their house and are looking to rent until the housing market crashes again to capitalize on their money.
Rental Property Investor · Las Vegas, NV · Member since 2018 · 133 posts · 171 votes
6y
My 2 properties in Vegas haven't missed any rents, in fact both tenants renewed their leases for another year. These are long term paying tenants and I have never raised their rent to keep them happy and in place. That seems to be working out ok for me.
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
6y
My b class apt rentals are as full as usual.
We are 40% less than the newer A- class apts. Ours have more square footage and 100-300 less neighbors.
For A+ class with full amenities like pool, gym, etc we charge less than 50% of their $2200/mo. People are leaving those as fast as they can. The gyms and pools are closed due to the virus.
I think there is some value to amenities. However with Corona those amenities in most cases can t be used. I have a condo with pool and gym that I am renting. Eventually people will begin to seek out these amenities again. Currently I think it is still location and price which will help fill rental units.