Trouble getting renters

San Antonio, Texas
Marketing Your Property
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Trouble getting renters

Jonathan Dagerath
Member since 2019 · 5 posts · 0 votes

Hey All! 
I have a series of Duplexes in a growing part of downtown San Antonio and I’m having trouble renting out 4 of the units. I’m having people express interest in the units and I schedule showing with them for the units, but no one ends up moving forward. These units have been vacant now for 2 months and I'm out of ideas on how to market the units to people who will move forward.

All four units are 1 bed/1 bath units and I have the following criteria:

Fees:
$300 security deposit, $50 application fee per adult (18Y+).
Criteria as follows:
no evictions in the last three (3) years; felonies on a case by case; no sexual offenses; income 2.5 times the rent.

Any thoughts or tips would be very helpful!

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Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4y
Quote from @Jonathan Dagerath:

Hey All! 
I have a series of Duplexes in a growing part of downtown San Antonio and I’m having trouble renting out 4 of the units. I’m having people express interest in the units and I schedule showing with them for the units, but no one ends up moving forward. These units have been vacant now for 2 months and I'm out of ideas on how to market the units to people who will move forward.

All four units are 1 bed/1 bath units and I have the following criteria:

Fees:
$300 security deposit, $50 application fee per adult (18Y+).
Criteria as follows:
no evictions in the last three (3) years; felonies on a case by case; no sexual offenses; income 2.5 times the rent.

Any thoughts or tips would be very helpful!


Your rental criteria is lower than average and the rental market is hot. Either your prices are too high, your units are dumps, or you just aren't marketing in the right places. If you share your advertising, we can better assess what's going on.

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y
    Quote from @Jonathan Dagerath:

    Hey All! 
    I have a series of Duplexes in a growing part of downtown San Antonio and I’m having trouble renting out 4 of the units. I’m having people express interest in the units and I schedule showing with them for the units, but no one ends up moving forward. These units have been vacant now for 2 months and I'm out of ideas on how to market the units to people who will move forward.

    All four units are 1 bed/1 bath units and I have the following criteria:

    Fees:
    $300 security deposit, $50 application fee per adult (18Y+).
    Criteria as follows:
    no evictions in the last three (3) years; felonies on a case by case; no sexual offenses; income 2.5 times the rent.

    Any thoughts or tips would be very helpful!


    Your rental criteria is lower than average and the rental market is hot. Either your prices are too high, your units are dumps, or you just aren't marketing in the right places. If you share your advertising, we can better assess what's going on.

    The DIY Landlord Book4.7245 Reviews
    WebsiteView Page
    5Reply
  • Account Closed
    Tampa, FL · Member since 2020 · 60 posts · 43 votes
    4y

    I’d suggest trying a few more avenues to market your properties. Military base Facebook pages, college Facebook pages, etc. 

    1Reply
  • Joseph CacciapagliaBusiness Member
    Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes
    4y

    1/1's have been our slowest movers here in San Antonio lately, but they are still renting reasonably well. We use Rhino security deposit insurance, instead of charging a deposit, and tenants seem to prefer that. That may help, but you're already charging a pretty low deposit. If you're getting plenty of showings, but not applications, your price probably doesn't match the value of your unit. It's also possible your marketing is attracting a lot of tire kickers though. Where are you listing the units for rent? Most of our units rent through the MLS, and I find it's a good place to attract serious inquiries.

    [email protected]979-218-2286
    Joseph Cacciapaglia powered by Morty
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  • Steve Milford
    Lender · Vancouver, WA · Member since 2015 · 482 posts · 316 votes
    4y

    @Jonathan Dagerath Without any other info, your rent is too high for the value. If people come and look and don't see the value, they aren't going to rent just because you think it should.

    0Reply
  • Hannah Atherton
    Real Estate Broker · Portland, OR · Member since 2021 · 16 posts · 12 votes
    4y

    Hi @Jonathan Dagerath. I'd recommend making sure that your listing is posted on multiple sites including Craigslist, Facebook Marketplace and zillow or apartments.com. I might encourage you to drop your screening fee - I don't know how much your screening company charges you, but $50/adult might be a deterrent (or you could say it's refundable if they don't qualify). Other than that, I would agree on the price point may need to be lowered. Instead of technically lowering your rent, you could also consider providing a rental "concession" where you have a signing bonus by x date which gives them x amount off rent (which might equate to $50-100 "off rent." Other than this, with showings: make sure the lawn is manicured, all lights are on while touring, window shades open, and maybe a handout with a short list of neighborhood amenities could be helpful!

    0Reply
  • Tricia O'Brien
    Investor · Anchorage, AK · Member since 2015 · 267 posts · 76 votes
    4y

    Hi @Joseph Cacciapaglia, How do you market your rentals on the MLS ? My place in Indiana is listed on Zillow and Realtor.com and a few other places but I do not have a real estate agent. Is it on the MLS through Realtor.com right now if I do not have a real estate agent? The address is: 504 South Elliott Street Muncie Indiana 47305. Thanks!

    0Reply
  • Deonte Brown
    Real Estate Agent · Member since 2018 · 53 posts · 24 votes
    4y

    @Tricia O'Brien Realtor.com or Zillow does not post properties into the MLS. However, the MLS will post properties on Zillow and Realtor.com. If you're interested in placing your property on the MLS, you will have to work with a local Realtor. I can help you place the property on the MLS if you are interested. Feel free to shoot me a message.

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  • Joseph CacciapagliaBusiness Member
    Lender · San Antonio, TX · Member since 2020 · 1k+ posts · 1k+ votes
    4y
    Quote from @Tricia O'Brien:

    Hi @Joseph Cacciapaglia, How do you market your rentals on the MLS ? My place in Indiana is listed on Zillow and Realtor.com and a few other places but I do not have a real estate agent. Is it on the MLS through Realtor.com right now if I do not have a real estate agent? The address is: 504 South Elliott Street Muncie Indiana 47305. Thanks!


    As far as I know, the only way to get on the MLS is through a Realtor or property manager. The reason the MLS works, is because it brings agents that have tenants that they're working with. In many markets, it's relatively cheap to do a "lease only" listing with a property manager.

    [email protected]979-218-2286
    Joseph Cacciapaglia powered by Morty
    WebsiteView Page
    0Reply
  • Erin Dreher
    Real Estate Agent · Little Rock, AR · Member since 2022 · 83 posts · 63 votes
    4y

    I would say its got to be one of three things:

    Price, Condition or Location 

    I do think the 1BR/1BA are harder to located tenants sometimes. Your screening criteria doesn't seem to be to harsh. If have to turn them over to a PM and let them place a tenant and you take back over. You will only be out probably one months rent for a leasing fee... sounds steep but you have already lost two months of income. I think a PM could market them more places that could locate a good tenant for you. 

    1Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    4y
    Quote from @Jonathan Dagerath:

    Hey All! 
    I have a series of Duplexes in a growing part of downtown San Antonio and I’m having trouble renting out 4 of the units. I’m having people express interest in the units and I schedule showing with them for the units, but no one ends up moving forward. These units have been vacant now for 2 months and I'm out of ideas on how to market the units to people who will move forward.

    All four units are 1 bed/1 bath units and I have the following criteria:

    Fees:
    $300 security deposit, $50 application fee per adult (18Y+).
    Criteria as follows:
    no evictions in the last three (3) years; felonies on a case by case; no sexual offenses; income 2.5 times the rent.

    Any thoughts or tips would be very helpful!


     Can you share the link to one of the listing? I think it depends on the photos, the other rents in the area, and where you are marketing. Have you tried Facebook, Zillow, hiring a PM company to help you better? Maybe ask to meet with a local PM company and ask them questions on why?

    0Reply
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