Vacancy blow up (by S i d [MO]) Apr 13, 2021 9:08 AM
Vacancy blow up (by Deanna [TX]) Apr 13, 2021 9:13 AM
Vacancy blow up (by Doogie [KS]) Apr 13, 2021 9:43 AM
Vacancy blow up (by WMH [NC]) Apr 13, 2021 9:51 AM
Vacancy blow up (by razorback_tim [AR]) Apr 13, 2021 10:43 AM
Vacancy blow up (by Sisco [MO]) Apr 13, 2021 11:18 AM
Vacancy blow up (by Richard [MI]) Apr 13, 2021 11:29 AM
Vacancy blow up (by GKARL [PA]) Apr 13, 2021 11:33 AM
Vacancy blow up (by Oregon Woodsmoke [ID]) Apr 13, 2021 11:41 AM
Vacancy blow up (by S i d [MO]) Apr 13, 2021 11:42 AM
Vacancy blow up (by Oregon Woodsmoke [ID]) Apr 13, 2021 11:45 AM
Vacancy blow up (by Sisco [MO]) Apr 13, 2021 12:05 PM
Vacancy blow up (by JB [OR]) Apr 13, 2021 1:15 PM
Vacancy blow up (by MikeA [TX]) Apr 13, 2021 4:01 PM
Vacancy blow up (by T [IN]) Apr 14, 2021 6:13 AM
Vacancy blow up (by J [FL]) Apr 14, 2021 7:13 AM
Vacancy blow up (by S i d [MO]) Apr 14, 2021 10:25 AM
Vacancy blow up (by S i d [MO]) Posted on: Apr 13, 2021 9:08 AM Message:
No, the building did not actually blow up. Yes, this could be considered click-bait. (*grins)
I posted a vacancy yesterday afternoon on Zumper and our company website about day's end and signed off. Didn't check emails until this morning.
57 responses!
2 applications, sight unseen!
4 tour requests (yay! someone read the ad and followed directions).
Also had someone who had toured the other side of this same duplex about a month ago when it was listed, and says now, "I wish we'd rented that one when we had the chance."
This is easily double the highest response rate I have ever received on the first day of a listing. Methinks I need to take it down and relist it again 10% higher.
Inventory must be bottom of the barrel LOW levels, or people are at all time HIGH desperation levels.
Btw, already did a cursory scan of the applications. #1 is automatic DQ. Credit score 463 (for good reason!) plus has an eviction and didn't give her current land lord's phone number or any way to verify. #2 is a 642 score but still has several recent charge/offs and collections. Income is good and job is stable (>5 years, not a McJob).
Keep in mind: no one has actually SEEN the inside of the unit yet, except via my pictures! That is one of my requirement, btw. I will not even process an application sight unseen, unless they put down the holding fee first. It's a waste of time to spend an hour going thru all the steps only to have them decide they don't want it upon viewing.
This promises to be interest! --107.216.xxx.xxx |
Vacancy blow up (by Deanna [TX]) Posted on: Apr 13, 2021 9:13 AM Message:
It was so weird. I don't have anything coming open in the next month or two, but just yesterday, I had at least four cold-calls asking if I had anything available.
I sent them all my link to my application to get on the preapproved list... I doubt any of them will actually do it. But it was odd timing. Our local rants-and-raves FB page has been swamped for a week or two with people looking for housing, which is also odd, because I live in a town with a stagnant population, and there's nothing going on right now that would be drawing in an abnormal number of people. --137.118.xx.xxx |
Vacancy blow up (by Doogie [KS]) Posted on: Apr 13, 2021 9:43 AM Message:
I am having the same observation here. I'm not sure what's causing it. I think some of it may be desperation though. Just for grins, I counted the stats on the one I just posted on Sunday evening. 157 inquiries from FB Marketplace, 133 from Zumper. I didn't count the number of showing requests I received from my website, but I would guess it to be in the 50ish range. I am doing the quick qualification and sending them out there to look. I have received 1 application so far. It looks ok, but waiting on the roommates app.
I just signed a lease last week on another one. Had very similar numbers on it. Ended up making a couple folks mad because they didn't get the place. All it did was tell me I made the right decision in denying their app. Like Deanna, I have had folks also calling asking if anything is available. I don't advertise, so not sure where they're getting my number.
I have one coming available next week. Contractors are almost done. I have someone already calling begging me to rent it. This is a case of a daughter lives across street and wants mom to move in this one. I'm hoping this one qualifies. I don't want to deal with the process 3 weeks in a row. I am going to raise the rent a bit higher than what I had planned on however based on last week and this week.
To say it's crazy right now would be an understatement. I would love to buy more, but the sales side in my area are just as crazy. Offering asking price wouldn't even get a consideration. They are running 10% + over.
--70.179.xxx.xxx |
Vacancy blow up (by WMH [NC]) Posted on: Apr 13, 2021 9:51 AM Message:
I had to shut down my preview questions form, I'm overwhelmed and all appointments are taken. I have two units coming open with very short notice.
Doogie, we never thought we'd find one in this market, and fell on one anyway. A SFH with space for two more units in it. We will turn one in a legal ADU and the other into a studio-type unit without a stove. --50.82.xxx.xxx |
Vacancy blow up (by razorback_tim [AR]) Posted on: Apr 13, 2021 10:43 AM Message:
My last vacancy, I posted it on 3/30 and approved an applicant on 4/8. During that time, I had 126 inquiries, 50 who completed pre-qualification, 30 who scheduled viewings, and 19 who actually viewed. Six of the scheduled viewings who didn't view were canceled by me once I had approved the applicant, so I had a much lower ratio of no-shows than I typically have. There were 13 applicants (households). Six of those applicants had possibilities, the other 7 were definite no-go's. I have another unit on the same street coming open May 1 and I will rent it to one of the other applicants. There is definitely a shortage of rentals available in my area. --98.174.xxx.xxx |
Vacancy blow up (by Sisco [MO]) Posted on: Apr 13, 2021 11:18 AM Message:
As a LL who offers housing at the lower end of the pricing spectrum for my market, it definitely appears that the pricing floor has risen considerably.
I have 2 units coming available this week and I will be advertising them with a 10% increase over previous tenant rate. --67.43.xxx.xxx |
Vacancy blow up (by Richard [MI]) Posted on: Apr 13, 2021 11:29 AM Message:
I'm thinking that holds on evictions are about to stop, or at least the tenant's think they are. They KNOW they have no intention of paying the last years rent they got free. So they know they will be out and they are looking for the next place where they hope to repeat the free rent.Be extra careful on checking them to see they actually paid rent. --24.180.xx.xx |
Vacancy blow up (by GKARL [PA]) Posted on: Apr 13, 2021 11:33 AM Message:
I've fielded well over 200 pre-screening forms and had about double or more of that number in terms in inquiries, but the qualified are few. I have a mob coming in tomorrow however from those who passed pre-screening since Saturday. I scheduled them all at the same time so hopefully I get the units rented. My experience is that the tenant pool is poor but there are many folks who are desperate. --209.122.xx.xxx |
Vacancy blow up (by Oregon Woodsmoke [ID]) Posted on: Apr 13, 2021 11:41 AM Message:
In my area there is a flood of people who have been sent from their office to work from home. If you are working from home, you might as well live in a beautiful place. They are all willing to pay well above market for rent or purchase, driving prices up sharply.
I'm guessing there are probably some decent applicants out there, at least in my area. Lots of in-comers with work from home jobs. Not so many evictees because Idaho has never had a moratorium and so the tenants have paid their rent and not been evicted.
--76.178.xxx.xxx |
Vacancy blow up (by S i d [MO]) Posted on: Apr 13, 2021 11:42 AM Message:
Great responses so far! It looks like I'm not the only one then. What had me curious was that I did have a vacancy about a month ago, and this response is easily DOUBLE. What happened in 30 days?
Richard may have the answer. While it is possible the overreach from the CDC will continue past July, I think with vaccination rates rising and generally fewer people panicking about the Rona, there are a lot of soon-to-be evictees scrambling to find something. Add to that many land lords not willing to rent to ANYONE right now because people don't have to pay, and my guess is we have a perfect storm in the making.
"We're from the Govt, and we're here to help / destroy any chance of some people ever being approved to rent anything decent ever again." --107.216.xxx.xxx |
Vacancy blow up (by Oregon Woodsmoke [ID]) Posted on: Apr 13, 2021 11:45 AM Message:
There might only be 4-5 houses for rent in the entire county. I'm sure that if I advertised a vacancy, I'd have a tsunami of applicants. But my tenants are sticking tight.
The tenants can't move if there is nothing available to rent or to buy, either one. The same with selling. No one can sell if there is no place available to buy and move to. --76.178.xxx.xxx |
Vacancy blow up (by Sisco [MO]) Posted on: Apr 13, 2021 12:05 PM Message:
Pent up demand is another likely factor. --67.43.xxx.xxx |
Vacancy blow up (by JB [OR]) Posted on: Apr 13, 2021 1:15 PM Message:
Over the years, I've nearly always looked at the prospects and viewed them all as possibles for the most part. Then we would do deeper screening and purge from there.
The last vacancy we had, the inquiries were too numerous to count. I found myself looking at each one and nearly immediately disqualifying for one reason or another. Did this over and over again.
It was getting ridiculous. I almost threw out the inquiry from the prospects we wound up accepting because it very much had become trying to find a needle in the proverbial haystack. Then it was like, OMG I found someone who might qualify.
So in the past, it went from looking for a reason to disqualify...to now, looking for any reason to even ask them for more information before disqualifying. --73.25.xx.xxx |
Vacancy blow up (by MikeA [TX]) Posted on: Apr 13, 2021 4:01 PM Message:
I had the same last week. In 36 hours I had over 2000 views on facebook, over 100 inquiries, 32 that passed the prescreen, 18 view it in two 30 minute time slots, 12 complete the apps. The lowest income was 4X and highest was 9X rent. The first one I did the vetting on took it and signed the lease 48 hours after I initially posted the ad. Everything checked out, Electrician and Nurse, combined income 7X rent, both employed at same job for years, last 2 landlords gave rave reviews, nothing negative on credit report. Not sure why they don't buy a house, they are certainly qualified to do so.
I increased rent $300 (30%) above what I was getting. I should have gone up $200-300 more, pretty sure I could have easily gotten it. --64.130.xx.xx |
Vacancy blow up (by T [IN]) Posted on: Apr 14, 2021 6:13 AM Message:
About normal for the past 6 months. 50 inquires, get about 1-3 good ones. Rest, please move along....
Reason(s):
-lack of new units/housing
-growing population demographic (18-25) that needs "cheap" housing.
-slow moving a year ago due to covid. Now, that age group is saying, "love you parents... I need my space and I got the $$ because my job increased pay and Uncle Sam sent this free $$. Bye!"
-for some professionals, moving from a blue state, covid lock down to a red state. Working via zoom. I'm reading it will be years before NY City ever comes back and will be having a financial wrecking ball coming soon.
My crystal ball... this is the new norm for the next 2-3 yrs. You need to increase rent and a lot more than just 10%. I have 32 units that are all 2bd/1ba multi units... last fall, $750-60 area. Today, $865 and I might be under shooting it a little. with that said, got a glimpse of my property tax bills...eeks. Govt shut us down for 2 months, couldn't evict for 6 month, here is your 10% increase. Locally, its all on the school system for the increase. But inflation is here to stay, regrade less of what the FED says. --76.77.xxx.xxx |
Vacancy blow up (by J [FL]) Posted on: Apr 14, 2021 7:13 AM Message:
A lot of people have gotten their shots now, and will go ahead with a move they have been postponing.
And then the people who've been sitting rent free for a year and finally need to move.
Will the government pass a law that we must not "discriminate" against those who've been sitting rent free? --72.188.xxx.xxx |
Vacancy blow up (by S i d [MO]) Posted on: Apr 14, 2021 10:25 AM Message:
J, if they do pass such a law, rest assured I will find a way around it.
MikeA, yep sounds like it's all over the place now. The Govt made this shortage by slamming the doors shut on normal commerce.
T, good thoughts, thanks!
To all....thanks for the responses, even if I didn't cite you specifically. This basically confirms what I figured: rents are high and probably going higher! Time to send out those rent increases! --107.216.xxx.xxx |
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