Not Getting Enough Rental Leads

[Thomas O'Donnell]

I purchased my first duplex on the last day of September 2022. I had to do some work to it and get myself situated in one of the units, as well as it has been a busy time for me work-wise. I just recently listed the one side for rent about 2 weeks ago and I am worried about securing a tenant. I have listed my unit on Zillow, Facebook Marketplace, Avail (and all of its partner sites), as well as have a "for rent" sign in the front. On my listings I have my minimum requirements stated and a link for people to fill out a rental questionnaire that touches on basic questions as well as these requirements (income, pets, evictions, smoking, credit etc). I have had only 6 people complete the form, in which only one of them checked out but they ended up not replying back to my calls/emails about a possible showing. I am wondering if maybe the rent is too high (although its in the middle of similar comps in the area), or the location just isn't desirable right now (I'd say it's a C or C+ area that is starting to change a little for the better), or maybe my minimum requirements are asking too much of the types of tenants that rent in this area. I would really like to get it rented out by December as I do not want to make the full mortgage payment again for an additional month. Does anyone have any tips or recommendations? Or maybe just some general info that might better help me market my unit or at least understand where we are with renters right now?

[Kenny Smith]

@Thomas o'donnell

I am from Columbus originally, what part of Columbus?

If you are struggling to rent it out as an LTR..are you close to any hospitals by chance?  You could look into possibly doing an MTR (medium term rental) and cater to travel nurses if so.  You would have to spend the extra money to furnish the property, but you can also ask more in rent.  I'd check out furnished finder.com which is the site most travel nurses use to find MTRs.  Also look on there to see other comps in the area and message them.  Ask them how their MTR is doing?  If they are a reasonable person, they will help you out.

[Thomas O'Donnell]

Quote from @Kenny Smith:

@Thomas o'donnell

I am from Columbus originally, what part of Columbus?

If you are struggling to rent it out as an LTR..are you close to any hospitals by chance?  You could look into possibly doing an MTR (medium term rental) and cater to travel nurses if so.  You would have to spend the extra money to furnish the property, but you can also ask more in rent.  I'd check out furnished finder.com which is the site most travel nurses use to find MTRs.  Also look on there to see other comps in the area and message them.  Ask them how their MTR is doing?  If they are a reasonable person, they will help you out.

 I am about a mile from the children's hospital in driving park. And I haven't thought much about doing MTR. I don't really want to spend a bunch of capital furnishing the whole unit right now and possibly not even get a medium term tenant. But I refuse to not keep all options open because anything is possible.

[Matthew Bowling]

Another idea to generate interest is to hold an open house. Promote it across social media and also with signage. It does sound like you're taking all the right steps. The only thing to do now is to be patient and stick to your screening criteria. 

[Tyler Haanen]

You can post the pictures without furnishings to see if you have any interest as a medium term rental on furnishedfinder.com

Just indicate that when they rent it from you it will be furnished.

You will have to pay their listing fee but it’s better than buying $6K in furniture without any demand.

[Michael K Gallagher]

Quote from @Thomas O'Donnell:

I purchased my first duplex on the last day of September 2022. I had to do some work to it and get myself situated in one of the units, as well as it has been a busy time for me work-wise. I just recently listed the one side for rent about 2 weeks ago and I am worried about securing a tenant. I have listed my unit on Zillow, Facebook Marketplace, Avail (and all of its partner sites), as well as have a "for rent" sign in the front. On my listings I have my minimum requirements stated and a link for people to fill out a rental questionnaire that touches on basic questions as well as these requirements (income, pets, evictions, smoking, credit etc). I have had only 6 people complete the form, in which only one of them checked out but they ended up not replying back to my calls/emails about a possible showing. I am wondering if maybe the rent is too high (although its in the middle of similar comps in the area), or the location just isn't desirable right now (I'd say it's a C or C+ area that is starting to change a little for the better), or maybe my minimum requirements are asking too much of the types of tenants that rent in this area. I would really like to get it rented out by December as I do not want to make the full mortgage payment again for an additional month. Does anyone have any tips or recommendations? Or maybe just some general info that might better help me market my unit or at least understand where we are with renters right now?

 Hey @Thomas O'Donnell I was a bit nosey a went looking based on the above on zillow and it looks like this place is on Lockbourne correct?  If so here are some thoughts on the listing:

- In general the pictures are great and the units seem to show well/photograph well.  

Here are my major issues/suggestions with it:

I think your asking rent is too high.  $1450 for this area is HIGH, and the only way to get that is to offer a premium product. While the unit looks nice and remodeled, the non pet friendly, located on a busy road, lack of an open concept, lack of dishwasher, small third bedroom, and only 1 bathroom are working against you when compared to competition in that price range.  If you are most concerned with time, I'd consider dropping your price to $1200 a month where this unit presents more of a value proposition, and will likely draw in a bigger pool of candidates for you to screen and find that best one.

I'm happy to dive into the above further and explain my logic.  For reference, we have a duplex north of 70 on lilley ave that we get $1400 a month per unit, its 2 bed 1.5 bath, but its completely rehabbed, we are pet friendly, we provide Ring doorbells, security cameras and security system for each unit, and the rent includes water, trash, sewer.  So our "value prop" is quite high for the price which is what we aim for.  That premium price for the premium product.  

[Bob Stevens]

Tenants are the easy part, something is wrong. Also you 100% should hire a PM co, why would you want to be involved with this? 

[Nate Sanow]

In my market I’ve seen more move in specials lately. Maybe a discount for the first months rent, and a discount pro-rate if they move in mid month. Don’t skip the screening and don’t reduce the deposit too low. But the rent, at a discount just for the upfront month or two wont hurt you too bad. Hope it helps. 

[Thomas O'Donnell]

Quote from @Michael K Gallagher:

Quote from @Thomas O'Donnell:

I purchased my first duplex on the last day of September 2022. I had to do some work to it and get myself situated in one of the units, as well as it has been a busy time for me work-wise. I just recently listed the one side for rent about 2 weeks ago and I am worried about securing a tenant. I have listed my unit on Zillow, Facebook Marketplace, Avail (and all of its partner sites), as well as have a "for rent" sign in the front. On my listings I have my minimum requirements stated and a link for people to fill out a rental questionnaire that touches on basic questions as well as these requirements (income, pets, evictions, smoking, credit etc). I have had only 6 people complete the form, in which only one of them checked out but they ended up not replying back to my calls/emails about a possible showing. I am wondering if maybe the rent is too high (although its in the middle of similar comps in the area), or the location just isn't desirable right now (I'd say it's a C or C+ area that is starting to change a little for the better), or maybe my minimum requirements are asking too much of the types of tenants that rent in this area. I would really like to get it rented out by December as I do not want to make the full mortgage payment again for an additional month. Does anyone have any tips or recommendations? Or maybe just some general info that might better help me market my unit or at least understand where we are with renters right now?

 Hey @Thomas O'Donnell I was a bit nosey a went looking based on the above on zillow and it looks like this place is on Lockbourne correct?  If so here are some thoughts on the listing:

- In general the pictures are great and the units seem to show well/photograph well.  

Here are my major issues/suggestions with it:

I think your asking rent is too high.  $1450 for this area is HIGH, and the only way to get that is to offer a premium product. While the unit looks nice and remodeled, the non pet friendly, located on a busy road, lack of an open concept, lack of dishwasher, small third bedroom, and only 1 bathroom are working against you when compared to competition in that price range.  If you are most concerned with time, I'd consider dropping your price to $1200 a month where this unit presents more of a value proposition, and will likely draw in a bigger pool of candidates for you to screen and find that best one.

I'm happy to dive into the above further and explain my logic.  For reference, we have a duplex north of 70 on lilley ave that we get $1400 a month per unit, its 2 bed 1.5 bath, but its completely rehabbed, we are pet friendly, we provide Ring doorbells, security cameras and security system for each unit, and the rent includes water, trash, sewer.  So our "value prop" is quite high for the price which is what we aim for.  That premium price for the premium product.  

 Thank you for this input, much appreciated.

[Mohammed Rahman]

Hey @Thomas O'Donnell - congrats on your first multifamily! It's a strong rental market right now so if you're not receiving a lot of applicants, it's an easy problem to identify - here are a couple of issues I ran into when I rented my first duplex:

- setting market rent too high (did you look at comps in Zillow before posting)

- setting criteria too high for the neighborhood (if it's in a C area, then you're going to want to lower your standards for acceptable tenant criteria. E.g. credit score thresholds, income, etc.) 

- not getting the units properly ready (paint job, cleaning, etc.) 

Hope this helps! 

[Jay Thomas]

An open house also serves as an effective way to generate interest and gives prospective tenants an opportunity to get to know your property better. Promote it across social media and also provide signage for potential visitors. By following the renting guidelines and sticking to your screening criteria, you can ensure that you select reliable renters who are a good fit for your property. Good luck with renting out your property!

[Eliott Elias]

What are you doing to get more? There are so many ways to drum up business now 

[Myeasha Jones]

I would do a market survey call the apartment rentals nearby and adjust pricing based on that even tho you have a home the amenities sometimes is a factory and you mentioned safety, so adjust pricing based on the apartment communities 

And offer a move in special like a lower deposit based on approved credit of course 

Hope this helps!

[Travis Pehle]

Quote from @Nate Sanow:

In my market I’ve seen more move in specials lately. Maybe a discount for the first months rent, and a discount pro-rate if they move in mid month. Don’t skip the screening and don’t reduce the deposit too low. But the rent, at a discount just for the upfront month or two wont hurt you too bad. Hope it helps. 

 What he said....great idea