Is winter just going to bring bad tenants?

Question

We have two vacancies currently and trying to find tenants for december and January.i have listed on zillow and apartment. Com. Only 1 lead on Apartment.com.
multiple leads on Zillow but Have been getting all these weird applicants.

Do I keep the listing or take it out for some time and relist in january since we are heading into the holidays
other alternative is to have a Real estate agent do it and maybe they'll get more traction?
We are in Chicago and the winter is here

Nathan Fisher · Answer

The only tenants who move in winter HAVE to move. Anecdotally, these are the groups I see:

1. The recently evicted, or avoiding an eviction

2. Breakups/divorces.

3. Relocating to a new city for work.

Do your background checks and you'll be fine.

Jonathan Klemm · Answer

Winter is always going to be a more challenging time to get a place leased up in Chicago @Maya Jones!

I'd recommend using a listing software that syndicates to every platform possible.  Where is the building, and what are you looking to charge?  Also, what would you be charging during peak season?

If you are thinking about hiring a real estate agent it's probably not a bad idea to at least talk to some professionals.  Just make sure it's SOMEONE WHO KNOWS YOUR AREA VERY WELL - that will make all the difference!

Lastly, consider an 18 month lease to get you back in to peak season for renting.

Marcus Auerbach · Answer

I am in the same boat here in Milwaukee. We will have our latest rehab ready for photos in a few days and we just got a move out notice for end of January on another SF. I agree with @Nathan Fisher about the main groups.

However, job and family are also the main reasons why people move in general. And there is very little inventory to choose from, so the supply kind of matches the demand.

Landlords don't like vacancies in the winter, but frankly no tenant likes to move in December either, so I never understod the notion to stipulate that in the lease.

December is the eye of the storm, just wait it out. Things usually pick up right after the holidays. IDK if professional PM would make a signficant difference, I assume your ads look good with professional pictures. If not, spend a few bucks on professional pictures, it's cheap. Total rookie mistake to save on that.

We do phone interviews to screen out people who don't meet credit score, income or eviction criteria and invite the rest for a open-house type showing. We offer a weekday after work and one on the weekend during the day.

Aaron Zimmerman · Answer

Winter is definitely not ideal for Chicago in my experience from a leasing perspective. I would keep listing the property but definitely don't take a bad tenant. Ideally you also make a note that you want the lease to end in a better time of year so you're able to get the property available sometime between May and August.

Joey Banasihan · Answer

Hey @Maya Jones - I think your screening process dictates the quality of tenants more than seasonal vacancies. We have higher standards around credit scores, monthly income, etc., along with certain background check criteria. And coupling that with a good pricing, incentive, and strategic lease timing, all plays into hopefully acquiring some good tenants. I am sure there are nuances in your market as well but good screening is always the foundation.  Good luck with listings!

Kenneth Garrett · Answer

@Maya Jones

Yes winter is a difficult time to find tenants in the winter in the Chicago area.  I have been successful in the past, but it takes longer and unfortunately rents are a little down during this time.

People need to move when they need to move.  I would keep the listing active you never know, but make sure you are continuing to screen properly.

Caleb Brown · Answer

I would not accept a bad tenant, stick to your guns. December is an awkward moment for Real Estate. Demand for buying/selling or renting is low. People are too focused on Christmas/New Years. Yes some people do still move but there is a drop. January things open up. It might still be slow with the weather. I don't think taking down and relisting would make a huge difference. A property manager/agent might be able to fill it quicker. Make sure your rental listing is professional and together. Pricing, photos, description, etc. I would also put on FB, more work weeding through people but a lot of people use that.

Michael K Gallagher · Answer

gotta agree with @Jonathan Klemm that when you do get someone in there signing them up for a longer lease to put their renewal in april or may is always a good move and as most have already eluded to, its an easy pitch to the tenant because its a pain in the ass to move in the winter noone likes it.

Max Traveler · Answer

Which neighborhood is your property located? Maybe you need to have move-in promotion or lower your price.

Maya Jones · Answer

@Joey Banasihan thanks, it seems like we have people contacting that don't even meet screening criteria, almost like they are hoping we accept them? do you even respond with a generic message ? Or just ignore and not waste time

Is winter just going to bring bad tenants?

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