Lots of turnovers 2021

We've already had 4 turnovers this year! Two were bad, two, we could move a family right into, so that helped a lot. I was able to go up $175.00 a month on one, (the worst) and $75.00 on the second worst to help recover the expenses. One we stayed the same, and the 4th we were able to increase it $25.00.

We KNOW we have three more looming! On the good news front, I had one applicant let me know she wanted a bigger place than the one she looked at & I advised her that it had been rented anyway, so I told her about the other 3 possibilities. I was hesitant about them because they both had only been on their jobs for 2 months each. So it will be good if more time elapses.

One of my current tenants messaged me yesterday about someone she knew that was looking, so........ We keep on plugging along. People might have stayed put in 2020 but they sure are on the move in 2021! (Out of 20 units, this has been extremely busy for us) --71.219.xx.xxx

Lots of turnovers 2021 (by Robert J [CA]) Posted on: Sep 15, 2021 6:55 AM
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Sounds like you are making things work! Not everyone could say they got a handle on things during the pandemic. --47.155.xx.xxx

Lots of turnovers 2021 (by NE [PA]) Posted on: Sep 15, 2021 6:57 AM
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Same here. I’m about to have 4 open. Can’t remember the last time I had 4 at once. --24.152.xxx.xx

Lots of turnovers 2021 (by Jeffrey [VA]) Posted on: Sep 15, 2021 9:29 AM
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Pat, I dare say that in today's environment, you should be able to go up in rent far more than $25. On the three turnovers that are looming I would encourage you to start marketing them NOW at least $100 to $150 more than what you are currently charging. Worst case scenario, you can always lower your price as the vacancy draws nearer, if you feel you need to. However, if you stat testing the market now, I believe you will be pleased with the outcome. --72.212.xxx.xxx

Lots of turnovers 2021 (by Ray-N-Pa [PA]) Posted on: Sep 15, 2021 10:36 AM
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Pat,

Have faith. You have the wisdom to see the trend. With that knowledge I would encourage you to review market rents and turn this occurrence into an opportunity.

I get a kick out a young landlord that ask the question - What happens if I have a vacancy.

I let them know that it isn't IF you have a vacancy but rather WHEN you have a vacancy. --24.101.xxx.xxx

Lots of turnovers 2021 (by Gene [OH]) Posted on: Sep 15, 2021 11:17 AM
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Out of 10 properties, I had 6 become available. So a lot of vacancies and a lack of quality tenants. We've been able to find a few good quality tenants but it is taking 2 to 3 times longer and we have to go through many hundreds of prospects to find one that meets most of our rental criteria. --99.165.xx.xxx

Lots of turnovers 2021 (by Jason [VA]) Posted on: Sep 15, 2021 12:07 PM
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Rents are WAY up! 2021 is a GREAT year to have multiple turnovers! --73.177.xxx.xx

Lots of turnovers 2021 (by Alan [CA]) Posted on: Sep 15, 2021 1:40 PM
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Turnovers present great opportunity to survey the local rental market and raise your rents accordingly! --71.198.xxx.xxx

Lots of turnovers 2021 (by MAP [NY]) Posted on: Sep 15, 2021 1:45 PM
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I have three vacants now as they are being rehabbed. First one should be ready by January at the latest (I know, bad time of year in these parts)

Then the 2nd one and then the SFH. --97.33.xx.xx

Lots of turnovers 2021 (by MAP [NY]) Posted on: Sep 15, 2021 1:45 PM
Message:

I have three vacants now as they are being rehabbed. First one should be ready by January at the latest (I know, bad time of year in these parts)

Then the 2nd one and then the SFH. --97.33.xx.xx

Lots of turnovers 2021 (by 6x6 [TN]) Posted on: Sep 15, 2021 5:40 PM
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What is the reason for all of the turnovers?

People buying houses? --73.120.xx.xxx

Lots of turnovers 2021 (by Pat [VA]) Posted on: Sep 15, 2021 7:32 PM
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One left because they had rendered our uninhabitable! One was evicted. One did not give a reason or forwarding address. One did buy a house. Upcoming reasons: One is buying a house, One has rented from us for 6 years, caused a ruckus with the neighbor that resulted in us getting a survey to find out our house is partly on their land! She freaked out & made other arrangements, but our lawyer says leave it like it is (been there since '97) The last has also rented from us for 5 years & has a growing family, and job change. --71.219.xx.xxx

Lots of turnovers 2021 (by 6x6 [TN]) Posted on: Sep 15, 2021 7:40 PM
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Thank you Pat.

I know there have been a lot of home buyers lately but it appears from everyone's responses that there has been a sudden change from tenants not budging to suddenly moving. --73.120.xx.xxx

Lots of turnovers 2021 (by Gene [OH]) Posted on: Sep 15, 2021 10:00 PM
Message:

6X6, here are the reasons for the tenants that we lost:

1) Moved family in with mother to care for her mother

2) Older woman moved to the other side of town to be closer to her daughter.

3) Family bought a house

4) Family bought a house

5) Moved out of state to get in-state college tuition for their one child

6) Once boyfriend moved out and she completed her lease, she and child moved back to their earlier and cheaper location.

All of the above were valid reasons, but it just takes a long time to find qualified tenants in today's environment.

--99.165.xx.xxx

Lots of turnovers 2021 (by Small potatoes [NY]) Posted on: Sep 15, 2021 10:47 PM
Message:

I'm having the same year

#1 school ended and they moved home - rented it 100 higher

#2 moved away w gf, raised rent 75, rented

#3 moved closer to work raised rent 100

#4 moved away for work, doing new tub

#5 bought a house doing tub, sanding floors, add w/d hook up

#6 evicted waiting 30 days to chuck everything and I'm busy working the other 2 units.

#7 moving to larger apt, raised rent 100 no takers ask far and very little inquiries.

#8 go to court at the end of the month, terminating mtm, no rent since may.

I think the market has topped out of there are few good people looking to rent. --172.58.xx.xxx

Lots of turnovers 2021 (by 6x6 [TN]) Posted on: Sep 16, 2021 8:42 AM
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Thank you Gene --73.120.xx.xxx

Lots of turnovers 2021 (by BRAD 20,000 [IN]) Posted on: Sep 16, 2021 11:53 AM
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Pat,

We are suddenly experiencing a high move out rate.

Move outs have been slow the past few months.

MY theory: pent up demand. The STAY PUT folks are tired of staying put.

Most of ours are buying. Low interest rates and fear of the rates in increasing. The production builders are going gangbusters.

A few splits. One is leqving a good job, moving to Florida "so their son does not have to wear a mask at school." (What if the rule changes next week?)

BRAD --73.102.xxx.xxx

Lots of turnovers 2021 (by BRAD 20,000 [IN]) Posted on: Sep 16, 2021 11:56 AM
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Over the last 6 months our AVERAGE number of move outs is still normal.

BRAD --73.102.xxx.xxx

Lots of turnovers 2021 (by LisaFL [FL]) Posted on: Sep 16, 2021 1:35 PM
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I’m in Florida and I would love some turnovers but it’s not happening.

This year I’m raising rents anywhere from 6%-10%. I suspect they still won’t move because even with that increase they are below market rates if they could even find a place to go. --75.89.xxx.xxx

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