Where to find tenants for low-rent properties?

Question

I have a fourplex in Phoenix (sunnyslope) that the current management company is having problems finding a tenant for?

This is a 2 bedroom and rents for about $500.

Where do you find tenants for lower-rent properties?

I will be talking to them tomorrow and would like to have some ideas to discuss with them.

We have tried a banner on the property previously without much success.

bill

Matt P. · Answer

Never underestimate the power of a flyer in a laundromat.

Frank D. · Answer

I would try the local HUD/Section 8 office if there is one.  Additionally the rent is usually government guaranteed.  FYI

Andrea M. · Answer

@William Petrisko   I find if not all, most of my tenants from craigslist,  for rent signs, or even the section 8 list, which I add/remove properties as needed or word of mouth from my current tenants. If my current tenant refers someone who signs a lease and leaves deposit, the current tenant get $50.00 of the following months rents. In the past, I have offered $100 off security deposit.

I think it's more of the mind frame of such low end tenants, who may have bad credit, no credit and mostly can't afford to apply with such limited income and be denied, so maybe even waive the application fee.

My mind frame when it comes to marketing a property for rent, is such that the competition (apartment complexes) offers all types of discounts which usually a private owner/landlord can offer similar discounts to attract the tenants.

Ben Stout · Answer

I disagree when it comes to using Craigslist. Maybe it's because my area is smaller, but I've had great luck with CL for the past 8 years.

If I'm having a super hard time renting a property, I'll run a "move-in special." Usually the deposit is lowered or I cut the rent price. I used to be against lowering the deposits and insisted on a full month's rent, but these days I've found that halving a deposit or losing a half month's rent due to vacancy is six of one have dozen to the other. I also prefer to lower the deposit because it's easier to recoup than reduced rent when you have a tenant who stays past the initial contract.

Joe Bertolino · Answer

offer a bonus to your current tenants if they can bring you somebody.

Yiv L. · Answer

@William Petrisko SunnySlope is an over supply area, and I am not surprised to see difficulties filling the vacancy. Did you try newspaper classified with Arizona Republic and such? Also I find that posting on Craigslist is not effective just because your post will get bombarded and sunken to unreachable bottom within hours with those corporation automated posts. On the other hand, low-income tenants usually do not have internet access.

Zach Schaar · Answer

I'm assuming there is already a FOR RENT sign on the property? What about social media (Craigslist, backpage, etc...) Local bulletin boards and classifieds.

Just a few ideas.