Difficulty finding tenants in Cleveland?

[Jordan Womack]

Howdy All,

Closed on my first deal in Cleveland in December, which is my first foray into the market. Property is a clean, renovated duplex in 44111, West Cleveland. After the holidays and some minor repairs, both units have been on the market since February. For the first two months there were only a handful of showing, which the PM said was due to normal winter slowness - I assumed it was pricing due to comps.

After 60 days on market with no applications, I pressured the PM to lower the price of the units to list competitive to nearby comps. After reducing each unit nearly $200/mo and a move-in special, there has been more interest but after 30 days still no applications.

Seeking recommendations on what to do next. Looking at pricing I don’t think that is the barrier any more so I feel it’s perhaps the marketing. I’m considering terminating my PM contract at the end of May assuming we still don’t get any applications, although I’m not sure what another PM would do different.

Curious if any other investors in West Cleveland have had difficulty filling units?

[Jessica Larson]

Congrats on your first deal! Generally, a well-priced, professionally managed, and clean unit in West Cleveland should rent within 2–4 weeks, maybe up to 6 weeks during the winter months. If you’re priced reasonably right now and still not getting applications, I would take a hard look at the marketing quality (photos, listing descriptions, exposure) and responsiveness. Sometimes switching to a PM with stronger leasing systems can make a big difference.