Skip to content
Marketing Your Property

User Stats

25
Posts
5
Votes
Jason L.
  • Rental Property Investor
  • Los Angeles, CA
5
Votes |
25
Posts

Looking to fill 30+ units in a newly renovated building in a short period of time

Jason L.
  • Rental Property Investor
  • Los Angeles, CA
Posted May 13 2024, 15:30

I have a property that is in the middle of being renovated. There will be 30+ units (80% 1BR and 20% studios) that need to be filled when renovations are completed. What is the best way to get them filled quickly?

The property is located in a business district and does not have residential district restrictions, so I think STR is allowable to some extent. I also considered doing a master lease. Open to ideas and collaborating on this!

User Stats

982
Posts
774
Votes
Replied May 13 2024, 15:46
Quote from @Jason L.:

I have a property that is in the middle of being renovated. There will be 30+ units (80% 1BR and 20% studios) that need to be filled when renovations are completed. What is the best way to get them filled quickly?

The property is located in a business district and does not have residential district restrictions, so I think STR is allowable to some extent. I also considered doing a master lease. Open to ideas and collaborating on this!

A master lease to a reputable company sounds good. 


Screening 30 tenants in short order is asking for trouble. You WILL get several bad apples.


a few short term rentals (2 or 3) may be doable, but you still would be trying to find good tenants fast, which is difficult. A master lease makes it someone else’s problem.

User Stats

2,322
Posts
1,603
Votes
Alecia Loveless
Pro Member
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
1,603
Votes |
2,322
Posts
Alecia Loveless
Pro Member
#4 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Replied May 13 2024, 23:33

@Jason L. Personally I like Facebook marketplace but I get about 85% flakes who either just aren’t qualified or end up no-showing to the showings. After significant effort I get great tenants though.

I’ve just filled 5 vacant units in a newly renovated building and it was a process. I self manage and like having full control over the whole thing.

If you will have property management and don’t mind someone else doing things a master lease would be ok.

Rental Home Council logo
Rental Home Council
|
Sponsored
Advocating for Single-Family Rental Housing Drive rental policy change. Protect your investments with a National Rental Home Council membership.

User Stats

1,168
Posts
563
Votes
Adam Bartomeo
Property Manager
Pro Member
#2 Managing Your Property Contributor
  • Real Estate Broker
  • Cape Coral, FL
563
Votes |
1,168
Posts
Adam Bartomeo
Property Manager
Pro Member
#2 Managing Your Property Contributor
  • Real Estate Broker
  • Cape Coral, FL
Replied May 14 2024, 03:42

I would advise starting sooner than later. Even if the units aren't completed you will get folks that will want to sign a lease due to location or price. I would suggest starting lower for "early birds" and as you get closer to completion raise the rents to market value. This will allow you to have a slower ramp up, have guaranteed tenants day one, and not feel so rushed.

User Stats

25,751
Posts
38,184
Votes
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
38,184
Votes |
25,751
Posts
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied May 14 2024, 05:39
Quote from @Jason L.:

When you have that many units to fill, it may be wise to start off with some incentives to get renters in quickly, then remove the incentives as the units fill.

Lower your price, but never lower your standards! 

  • Property Manager Wyoming (#12599)

American West Realty & Management Logo

User Stats

3,445
Posts
1,823
Votes
Michael Smythe
Property Manager
#2 Managing Your Property Contributor
  • Property Manager
  • Metro Detroit
1,823
Votes |
3,445
Posts
Michael Smythe
Property Manager
#2 Managing Your Property Contributor
  • Property Manager
  • Metro Detroit
Replied May 14 2024, 09:07

@Jason L. start advertising NOW to gauge interest. You can play with pricing to see how it affects demand, so you have a better idea of the quality of prospects and how many you get at different price points.

You could also then modify your ad to identify a target MoveIn date and start accepting & processing applications. How nice would it be to have X number of tenants ready to move in as soon as the units were ready?

User Stats

8
Posts
5
Votes
Paul Burke
Property Manager
5
Votes |
8
Posts
Paul Burke
Property Manager
Replied May 30 2024, 10:20

How's it going since you posted @Jason L.?

I'd be curious as to...

1. What's your budget?

2. What's your typical marketing stack? (Google Ads, Meta Ads, ILS etc?)

3. If you're able to offer any concession?

Obviously, you need both an attractive offering and a way to pump your message out! Can give more suggestions with answers to the above. 

User Stats

20
Posts
8
Votes
Kyle Wheeler
  • Realtor
  • St. Petersburg, FL
8
Votes |
20
Posts
Kyle Wheeler
  • Realtor
  • St. Petersburg, FL
Replied Jun 18 2024, 08:08

Hey Jason,

A master lease to a reputable company may very well be a good option.

If you are looking to do LTR I would suggest a move-in special. 1/2 Off the first month's rent, etc.

Are they all the same layouts and finishes? I would get these posted online ASAP! If you have multiple different layouts/finishes I would post them all online (Zillow and other rental sites) Even if you are not finished with construction.

"COMING SOON! Newly renovated 30 unit building in highly sought-after business district. Multiple different layounts and finishes to choose from! 1/2 off the first month's rent! Come schedule a showing today!"

There is no difference in finding one tenant vs 30. You will have the same background criteria, you are just doing more showings, more qualifying, and more coordinating. Same process. 

This sounds fun, good luck with everything!