Rooming House Demand (by GKARL [PA]) Jan 30, 2023 11:03 AM|
Rooming House Demand (by WMH [NC]) Jan 30, 2023 11:17 AM
Rooming House Demand (by S i d [MO]) Jan 30, 2023 12:37 PM
Rooming House Demand (by Nicole [PA]) Jan 30, 2023 12:41 PM
Rooming House Demand (by Robert J [CA]) Jan 30, 2023 1:16 PM
Rooming House Demand (by GKARL [PA]) Jan 30, 2023 3:18 PM
Rooming House Demand (by RentsDue [MA]) Jan 30, 2023 3:49 PM
Rooming House Demand (by BRAD 20,000 [IN]) Jan 30, 2023 7:32 PM
Rooming House Demand (by GKARL [PA]) Jan 30, 2023 8:45 PM
Rooming House Demand (by DJ [VA]) Jan 31, 2023 5:08 AM
Rooming House Demand (by GKARL [PA]) Jan 31, 2023 9:11 AM
Rooming House Demand (by tryan [MA]) Feb 1, 2023 10:17 AM
Rooming House Demand (by Ray-N-Pa [PA]) Feb 2, 2023 8:38 AM
Rooming House Demand (by GKARL [PA]) Feb 2, 2023 10:12 AM
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Rooming House Demand (by GKARL [PA]) Posted on: Jan 30, 2023 11:03 AM
I struggle to rent my beautiful SFH. I've not had even one showing because no one qualifies. I recently rejected yet another applicant who couldn't pass the pre-screen due to prior evictions. This one had four LL/Tenant cases last year. She settled them and remains in the place but owed big money. Can't take the chance.
In the interim, had a vacancy in the rooming house this weekend and somehow people know about it even before I advertise. I suspect its word of mouth as I get unsolicited calls weekly. I'll find a qualified applicant shortly; generally takes a couple of weeks. The pool of applicants is not only better but they're actually appreciative of having an affordable decent place.
Why is this so? I think folks are struggling. Inflation has ravaged finances pushing many folks towards borderline homelessness. This has been the case for awhile having gotten worst over the past couple of years. Generally, the rooming house applicants have a complete lack of an entitlement attitude and are simply glad to have a roof over their heads. I think the ticket now is affordable housing, but the issue is whether you can afford to offer it due to how much real estate costs now.
Rooming House Demand (by WMH [NC]) Posted on: Jan 30, 2023 11:17 AM
On the housing groups I frequent on FB, I find that the folks who are most outraged and rude about housing prices ALREADY HAVE A HOME! The ones who are looking - most of them - just want something, anything they can afford.
So glad we don't have a plethora of 3/2 or 4/3 houses we need to fill. Those are going for THOUSANDS a month and I don't think it's greed - it's just what the houses cost to operate.
As we know 2019-2022 saw a huge buying spree at whatever it cost to acquire a place, no regard for value or who the future occupants would be...I think we are going to see some shedding of those over-priced properties soon. Give it a year.
I see what were clearly high-end AirBnB homes, fully furnished, now being offered as long-term housing - and what I have always feared is also happening: To afford it, multiple people, sometimes strangers, are teaming up. What a nightmare for a landlord and for the tenants! You know they are going to end up with some JERK or violent person in their midst... --50.82.xxx.xxx
Rooming House Demand (by S i d [MO]) Posted on: Jan 30, 2023 12:37 PM
Anyone who passed Freshman level Econ 101 could predict that the Govt lockdowns and trillions of $ juiced into the economy would cause these problems, and yet everyone said that's what had to be done.
Those of us who said, "Yeah, that's gonna stink long term" were shouted down. Now people are complaining about the exact stuff we said would happen.
There is no free lunch.
Houses now cost more. You know who benefits from that? The 60%+ of homeowners who already own homes. There should be no complaints, other than probably their taxes and insurance rates increased.
Rents are higher. You know who benefits from that? The people who got tons of free money thrown at them while they stayed home in their jammies sippin' cocoa and vodka while the rest of us kept hustling and trying to keep our rental businesses from foundering. The one is the expensive markets with endless eviction moratoriums seem to continue hollering the loudest, while they have paid the least.
I'm not sympathetic or empathetic with such folks.
We have now had a lesson is what "universal basic income" (UBI) looks like." Anyone seriously want to advocate for more of that?
Rooming House Demand (by Nicole [PA]) Posted on: Jan 30, 2023 12:41 PM
when I had my lower end efficiency units, I seldom advertised and they were always full. I also made a TON of money from them. --98.237.xxx.xx
Rooming House Demand (by Robert J [CA]) Posted on: Jan 30, 2023 1:16 PM
I had lots of rentals with "extra's" to attract a better class of tenants. But as cost rise, I got rid of some homes with pools, lot's of land requiring someone with a green thumb to help out. Instead I went back to the basic.
Same with apartments. I had buildings with singles, 1 bedroom, 2 bedroom and 3 bedrooms. Instead of having 7 to 9 people in one unit, I'd rather have smaller units with 1 to 3 people, max.
If you house is not renting and you seem not to attracting lookers, then you have to UP you game. More curb appeal. Some extra perks.
The key words sometimes is Hardwood Flooring. Central Air Conditioning. Garage with storage. New Appliances. Dog Run. RV off street parking.
In one rental the people were a blended family, moving in together to save money. They were going to have to rent 2 storage lockers at the local self-storage. I offered to have shed built and installed in the backyard, with alley access if they paid a 2 months deposit. With the deposit money I purchased a cargo shipping container and had it delivered for $2,000. I then put plants in front of the container so when you look outside, it's not obvious it's there.
Their cost of 2 storage lockers was going to set them back around $500 per month. Having that included was a life saver for them. I also added to the rental a commercial lease for the storage. So if they stopped paying rent on the house, I could evict their storage...use. --47.149.xxx.x
Rooming House Demand (by GKARL [PA]) Posted on: Jan 30, 2023 3:18 PM
The main problem is the tenant pool for the single family combined with it being winter. None of the advertising mediums are generating the volume of referrals. I went by the place today and someone had stuck their phone number on the door. It occurred to me that I should go old school and just post a For Rent sign and a take one box with flyers. Flyers would refer them to my FB page for pictures and the prescreening form. I'll number the flyers so I know how many get taken. This may be more effective than Zillow, Zumper, Turbotenant and FB and will cost me very little. I generally ALWAYS have more difficulty filling apartments as compared to the rooming house. I prefer the rooming house as it's far more profitable and less of a hassle to rent and manage. --172.58.xxx.xxx
Rooming House Demand (by RentsDue [MA]) Posted on: Jan 30, 2023 3:49 PM
I have a large 4BR SF that takes longer to rent than the apartments also. Itís built for a large family and was priced according. Dropping the price just a little brought a much wider tenant pool. Now just 2 people who both needed a home office live in that giant house. --174.192.xx.xxx
Rooming House Demand (by BRAD 20,000 [IN]) Posted on: Jan 30, 2023 7:32 PM
Why are you not putting up signs?
And don't bother numbering the apps. Someone will take them all. (I guess they think no one else can get the home if they take away all the apps!)
Just put in 10 apps and plan to refill it every day or so.
Are you willing to give us the address so we can see your ad?
Rooming House Demand (by GKARL [PA]) Posted on: Jan 30, 2023 8:45 PM
This is the same SFH I posted about last week with the link to Zillow ad. I'm not going to put apps in the box so much as flyers just describing the house and where to go on my Facebook page to get the pre-screening form and pictures. I typically do not put signage on the rentals nowadays. I did this a few years back before Zillow, Zumper and etc became so popular.
In the meantime, a single vacancy in the rooming house has people almost busting down the door. The room went vacant on Saturday, and I have two good applicants today with others clamoring. I use FB only for the rooming house and post no signs. For this particular room, I'm getting about $1100 all inclusive and no one is blinking. --209.122.xx.xxx
Rooming House Demand (by DJ [VA]) Posted on: Jan 31, 2023 5:08 AM
Gkarl - do you plan to make more rooming houses? --68.229.xxx.xxx
Rooming House Demand (by GKARL [PA]) Posted on: Jan 31, 2023 9:11 AM
DJ, if I could find another one, I definitely would. I like them better than apartments. Quick to rent,not difficult to manage and far more profitable. I should do this with my SFH, but I can't legally. Demand is high for anything below $ 1000 a month in my area.
Rooming House Demand (by tryan [MA]) Posted on: Feb 1, 2023 10:17 AM
Geeez .... convert the large SF into a rooming house at those rates! --198.168.xx.xxx
Rooming House Demand (by Ray-N-Pa [PA]) Posted on: Feb 2, 2023 8:38 AM
Perhaps there is a even a stronger need for more affordable housing in your area. My question is, if you places were more affordable - would these folks qualify? --24.101.xxx.xxx
Rooming House Demand (by GKARL [PA]) Posted on: Feb 2, 2023 10:12 AM
The pool of applicants I've been getting for my SFH are mostly evictees thus they wouldn't qualify at all. They are often worst than the folks I get for the rooming house. This is frequently the case whenever I rent an apartment. As a result, it generally takes me a couple of months to find a tenant whenever I have an apartment vacancy. In comparison, filling a rooming house vacancy takes weeks and sometimes only days. --209.122.xx.xxx
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