House Hack - Quiet Market?

Question

Hello all, I’m new to bigger pockets, and recently set up my first house hack located in Arvada Co, northwest Denver Metro. I’ve had listings up since November, and have gotten very few bites. A few people touring, but not commiting. Rents 850/1000 for a small bedroom and master bedroom. Recently lowered them to see if that would change things. Posted on Zillow, craigslist, facebook.

Wondering if anybody else is seeing a slow market for room rentals in the Denver metro, or if that is just a winter thing: not many people moving around. Or maybe the rents are too high?

Ryan Spath · Answer

Welcome to BP, and congrats on the first house hack — that’s a big step.

I’m next door in Idaho, and we consistently see slower demand for room rentals during the winter months. Properties tend to sit longer and rents are usually softer compared to spring and summer when people are moving for jobs, school, and lifestyle changes.

One thing that’s helped here is posting in Facebook groups specifically focused on room shares / furnished rooms, not just general housing groups. Those tend to attract people actively looking for roommate situations rather than full leases.

I’d expect activity to pick up as you get closer to spring, but testing price and expanding where you’re marketing in the meantime is a smart move. Best of luck — sounds like you’re doing the right things.

Eric DeNardo · Answer

Hey @Steven Scribani, we have had clients that had similar issues this winter as it is a slower time. You may have to lower prices to fill your vacancies and offer 6 month lease or 18 so that their lease ends in the prime time to find tenants in the summer. You lose more money with vacancies vs having lower rents.

Some people pay for Facebook ads as well. Or go into Facebook groups and message potential tenants who post they are looking for a room.

Rick Albert · Answer

An easy way to determine this answer is to look at the competition. See how long they have been on the market. That will tell you.

I don't know if you are experiencing the harsh winters that some parts of the country are facing but that could deter people from seeing properties and just staying put.

If you haven't already, I would join Facebook groups and post there, especially if you are near a University.