Dismal Tenant Pool
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Dismal Tenant Pool (by frankie [NY]) Feb 25, 2024 2:03 PM
       Dismal Tenant Pool (by RB [TN]) Feb 25, 2024 2:11 PM
       Dismal Tenant Pool (by NE [PA]) Feb 25, 2024 2:13 PM
       Dismal Tenant Pool (by GKARL [PA]) Feb 25, 2024 2:59 PM
       Dismal Tenant Pool (by Allym [NJ]) Feb 25, 2024 6:13 PM
       Dismal Tenant Pool (by MMIT [VA]) Feb 25, 2024 6:41 PM
       Dismal Tenant Pool (by Ray-N-Pa [PA]) Feb 25, 2024 7:39 PM
       Dismal Tenant Pool (by Ken [NY]) Feb 25, 2024 7:59 PM
       Dismal Tenant Pool (by WMH [NC]) Feb 25, 2024 8:03 PM
       Dismal Tenant Pool (by plenty [MO]) Feb 25, 2024 8:14 PM
       Dismal Tenant Pool (by Jason [VA]) Feb 25, 2024 8:23 PM
       Dismal Tenant Pool (by Small potatoes [NY]) Feb 25, 2024 8:36 PM
       Dismal Tenant Pool (by plenty [MO]) Feb 25, 2024 8:40 PM
       Dismal Tenant Pool (by NE [PA]) Feb 25, 2024 8:44 PM
       Dismal Tenant Pool (by Vee [OH]) Feb 25, 2024 8:56 PM
       Dismal Tenant Pool (by Ray-N-Pa [PA]) Feb 25, 2024 9:22 PM
       Dismal Tenant Pool (by David [MO]) Feb 25, 2024 10:19 PM
       Dismal Tenant Pool (by BRAD 20,000 [IN]) Feb 26, 2024 12:09 AM
       Dismal Tenant Pool (by BRAD 20,000 [IN]) Feb 26, 2024 12:12 AM
       Dismal Tenant Pool (by GKARL [PA]) Feb 26, 2024 4:51 AM
       Dismal Tenant Pool (by Mapleaf18 [NY]) Feb 26, 2024 5:26 AM
       Dismal Tenant Pool (by plenty [MO]) Feb 26, 2024 7:08 AM
       Dismal Tenant Pool (by zero [IN]) Feb 26, 2024 8:38 AM
       Dismal Tenant Pool (by NE [PA]) Feb 26, 2024 8:42 AM
       Dismal Tenant Pool (by mapleaf18 [NY]) Feb 26, 2024 8:43 AM
       Dismal Tenant Pool (by NE [PA]) Feb 26, 2024 9:04 AM
       Dismal Tenant Pool (by WMH [NC]) Feb 26, 2024 10:27 AM
       Dismal Tenant Pool (by Ndlandlord [ND]) Feb 26, 2024 10:31 AM
       Dismal Tenant Pool (by Mapleaf18 [NY]) Feb 26, 2024 12:30 PM
       Dismal Tenant Pool (by Mapleaf18 [NY]) Feb 26, 2024 1:04 PM
       Dismal Tenant Pool (by Robert J [CA]) Feb 26, 2024 3:59 PM

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Dismal Tenant Pool (by frankie [NY]) Posted on: Feb 25, 2024 2:03 PM
Message:

Is anyone else having issues with getting decent tenants to even inquire about your properties? I go through some really heavy times with inquiries (most are total nonsense) and then periods of no one reaching out at all.

I am not getting some weird calls now and they are all "desperate" to find a place.

I know this isn't going to be "just me" and I'm "OK" with waiting until I find the right tenant but holy cow this is bad!!!

--69.201.xx.xxx




Dismal Tenant Pool (by RB [TN]) Posted on: Feb 25, 2024 2:11 PM
Message:

Aftershock --69.130.xxx.xxx




Dismal Tenant Pool (by NE [PA]) Posted on: Feb 25, 2024 2:13 PM
Message:

Most of us are seeing the same thing. Easily 2 months vacant, 6 is not unheard of. Next rental I analyze to purchase will have a minimum of 25% vacancy rate factored in. --24.152.xxx.xx




Dismal Tenant Pool (by GKARL [PA]) Posted on: Feb 25, 2024 2:59 PM
Message:

I agree with NE, particularly this time of year. Got one on the market now 60 days and I don't expect to have it rented until April. I think a higher vacancy reserve is definitely in order along with moderation in rent. On the latter, I wouldn't rent to most at any rent level though.

I think this is a significant issue as there's a bunch of folks who've not factored this in and have far overpaid during the past few years. It will be a contributing factor for the turn in the market. If one isn't excessively leveraged, you'll make it through ok. --209.122.xx.xxx




Dismal Tenant Pool (by Allym [NJ]) Posted on: Feb 25, 2024 6:13 PM
Message:

Pets Welcome. And fix it so you can have pets there without too much damage. Fenced yard, partial or whole, or outside chain link run for a dog. Olefin carpeting if you haven't changed the flooring yet. Cleans easily and does not soak up odors. Two runs for upstairs dog and downstairs dog. Cha ching. --173.61.xxx.xxx




Dismal Tenant Pool (by MMIT [VA]) Posted on: Feb 25, 2024 6:41 PM
Message:

It took 3 months to rent a nice B class house last fall.

I finally found a great tenant.

An empty rental is better than a problem tenant.

Good luck! --71.62.xx.xx




Dismal Tenant Pool (by Ray-N-Pa [PA]) Posted on: Feb 25, 2024 7:39 PM
Message:

What is your niche tenant? How are you marketing for that tenant? Are you treating your marketing with an on/off switch or more as a facet (throttle it more or less to regulate the flow)?

Depending on the time of year when you have the vacancy, filling it can be a bigger challenge than others....between Christmas and the end of Feb are a challenge, but income tax time seems to pump more money into the economy --24.101.xxx.xxx




Dismal Tenant Pool (by Ken [NY]) Posted on: Feb 25, 2024 7:59 PM
Message:

Ray- anyone who needs tax return money to pay first and security doesnt seem like a good risk to me --73.177.xxx.xx




Dismal Tenant Pool (by WMH [NC]) Posted on: Feb 25, 2024 8:03 PM
Message:

Definitely depends on the unit. A larger family home will take longer and in certain seasons will be harder to rent. People with school-age kids don't want to move around the holidays or when school is in session. Winter is also a huge factor, I would imagine. Who wants to move in the winter? In Canada, everyone moves July 1st - it's just the custom.

I have small to tiny places and I live in a warmer climate, but spring is still the best time. However I can get mine rented pretty much year-round because singles and couples or people with smaller kids can move anytime. BUT it often takes weeks to find the right tenant which is why we start to market 60 days out if we can. --173.28.xx.xxx




Dismal Tenant Pool (by plenty [MO]) Posted on: Feb 25, 2024 8:14 PM
Message:

Took me three good months. One good one, shined above all the rest. Wait patiently. The best is coming. We no longer have a wait list. --172.59.xxx.x




Dismal Tenant Pool (by Jason [VA]) Posted on: Feb 25, 2024 8:23 PM
Message:

Rents are high as hunter so tenants that havenít had their rent increased to market value are staying put and the people moving are doing so because theyíre being forced. --71.63.xx.xx




Dismal Tenant Pool (by Small potatoes [NY]) Posted on: Feb 25, 2024 8:36 PM
Message:

As I have said elsewhere here, I am now at the end of month four trying to fill a unit. Fortunately I started 2 months before tenants left and am at the end of the early release period. Most recent prospect to pass prescreen is looking to move in April. I said why don't you look at the apt and if you decide to apply then maybe we can meet in the middle, w a mid march lease start. We set up a time and they went crickets on me.

I've had a couple of criminals fill out the inquiry form. searching online one robbed a local jewelery store a few years back and the other was busted in a drug distribution ring. Neither mentioned a gap in rental history.

I don't think lowering the price will help, and raising it certainly will not. Zillow has been consistent and good group of inquiries on weekends, just the ones that follow through are wholy unqualified. --67.240.xx.xx




Dismal Tenant Pool (by plenty [MO]) Posted on: Feb 25, 2024 8:40 PM
Message:

I did a move in special $199 to get a early move in. They paid $199 for Jan and full rent for Feb and deposit. Their first rent due date is March 1 St and they have already reached out for Zelle instructions. --172.59.xxx.xxx




Dismal Tenant Pool (by NE [PA]) Posted on: Feb 25, 2024 8:44 PM
Message:

Bump up your App fees folks. $$ --24.152.xxx.xx




Dismal Tenant Pool (by Vee [OH]) Posted on: Feb 25, 2024 8:56 PM
Message:

Bump the rent, insurance is only going up, renter insurance mandatory, no declaration page no keys... I am good with air-bnb with eclipse coming, then airport workers travel with quiet places for airline staff. --184.59.xxx.xx




Dismal Tenant Pool (by Ray-N-Pa [PA]) Posted on: Feb 25, 2024 9:22 PM
Message:

Ken,

If it is little old grandma waiting for that rent rebate and tax return, I don't mind working with them --24.101.xxx.xxx




Dismal Tenant Pool (by David [MO]) Posted on: Feb 25, 2024 10:19 PM
Message:

Last vacancy took 2 months to find an approved tenant. I agree with NE, 25% vacancy factor. Itís a bad tenant pool for sure and the weather has been good, so people are still looking and moving. --199.200.xx.xxx




Dismal Tenant Pool (by BRAD 20,000 [IN]) Posted on: Feb 26, 2024 12:09 AM
Message:

I fear for newer and casual landlords.

We've had it easy for the last few years. We ALL must adapt and adjust our methods to our current climate.

MARKETING is the key to reach the better candidates.

Online is how people shop and how they apply. Start with updating the rental - colors, carpet-free, up to date appliance...

Your photos must look great. Well lighted, wide angle lens, virtual staging...gotta stand out from the crowd and look desirable.

Seamless application process. Remove the hurdles and steps.

Like NE, charge an app fee so you get paid to screen the deadbeats. (I don't bother pre-screening, just submit an app.)

BRAD

--73.103.xxx.xxx




Dismal Tenant Pool (by BRAD 20,000 [IN]) Posted on: Feb 26, 2024 12:12 AM
Message:

Another thought...

Many LLs refuse to do or provide certain things like disposals, dishwashers, appliances, old colors...

Examine if these methods might be the reason the good candidates are not applying. Does our place look clean and up to date?

New construction is our competition.

Just a thought.

BRAD --73.103.xxx.xxx




Dismal Tenant Pool (by GKARL [PA]) Posted on: Feb 26, 2024 4:51 AM
Message:

I see the turn in the market being driven by higher vacancy rates, lowered rent and newbies lowering standards and then getting burned by bad tenants wrecking places. None of this was factored in as prices spiked post COVID. There's absolutely an adjustment coming.

There's a colleague of mine who's getting out and selling due to serial bad tenant selection trying to fill vacancies quickly. We're in a period where your management skills need to be sharp to survive. --209.122.xx.xxx




Dismal Tenant Pool (by Mapleaf18 [NY]) Posted on: Feb 26, 2024 5:26 AM
Message:

I've had two "bandit" inquiries in the last week. One was a phone call about the burned out now duplex that we have not really gotten started on yet and the other was for our sfh that is completely finished.

BRAD/NE, it would be a monetary loss here in New York to charge application fees for everyone including the deadbeats because we are only allowed to charge $20 an app and screening costs much more than that.

With "Good Cause" looming again (its back on the floor at the NYS Assembly and Senate...Rs again shot themselves in the foot jettisoning Santos--meanwhile Melendez in NJ is still in but I digress) you need to get rid of any iffy tenants now and continue to be extremely selective.

Churn and Burn will no longer work bc there will be no "Churn" other than evictions taking 6 months to quite conceivably years.

--64.246.xxx.xxx




Dismal Tenant Pool (by plenty [MO]) Posted on: Feb 26, 2024 7:08 AM
Message:

Agree with paying the fee to bump up on the online advertising. Zumper $19. Paid it .. apartments.com. $99 pay it. I had to pay it twice. Really did get the inquiries coming in also while waiting and showing we made improvements to the property. All outlined strategies written above. Gotta keep up your hustle! --172.59.xxx.xx




Dismal Tenant Pool (by zero [IN]) Posted on: Feb 26, 2024 8:38 AM
Message:

In my little part of the world everything takes a while to trickle down to us.

From fashion trends to new restaurants.

I have had great luck with filling thus far. Newest tenant paid the rent and deposit online close to a week before I was done with the place. I called the electric company to tell them to expect her and read the meter out only to find out that she had already been there that morning.

I know I am lucky and that it will trickle down to me eventually though.

Headed back to the big rehab. Need to decide if I want to hold or sell. I have a tenant in place that wants this one, then I have to cycle them thru, rehab theirs and start looking again.

I feel so bad for those that can't find a good tenant for months on end. I agree better empty than a bad tenant.

Best of luck to you, even though it shouldn't be luck based to find a good tenant. --107.147.xx.xx




Dismal Tenant Pool (by NE [PA]) Posted on: Feb 26, 2024 8:42 AM
Message:

Maple leaf, I bet if you look around, esp in the cities you will find companies charging more than $20 or at least have a creative way to get paid. Rule following is not always the best way forward. --24.152.xxx.xx




Dismal Tenant Pool (by mapleaf18 [NY]) Posted on: Feb 26, 2024 8:43 AM
Message:

Also because you're in NY, I would NOT advertise with apartments.com. They require that you reveal the street address. Just an open door for squatters which in BLUE states have all the rights. --64.246.xxx.xxx




Dismal Tenant Pool (by NE [PA]) Posted on: Feb 26, 2024 9:04 AM
Message:

Maple leaf, how do you expect to rent an apartment without advertising the apartment? Some people still drive by before inquiring. --24.152.xxx.xx




Dismal Tenant Pool (by WMH [NC]) Posted on: Feb 26, 2024 10:27 AM
Message:

We never publish the address. I stopped using Buildium's listing service because it always publishes the address. When I told them why, the guy was just shocked and said he would pass it along - it should be a check box not mandatory. --173.28.xx.xxx




Dismal Tenant Pool (by Ndlandlord [ND]) Posted on: Feb 26, 2024 10:31 AM
Message:

Winters are hard. Most people moving don't have a choice. Don't get desperate and lower your standards. Tax money is hitting next month you will have a flood of people. --174.213.xxx.xxx




Dismal Tenant Pool (by Mapleaf18 [NY]) Posted on: Feb 26, 2024 12:30 PM
Message:

NE I didn't say not to advertise I said to not advertise with certain agencies that specify the exact street address. --172.56.x.xxx




Dismal Tenant Pool (by Mapleaf18 [NY]) Posted on: Feb 26, 2024 1:04 PM
Message:

WMH, I wholeheartedly agree! They can give the nearest intersection or a neighborhood description if there is

one. Example "The Beechwood neighborhood" or " the historical district" etc. Nowadays it is foolhardy to list the exact street address. I told several agencies that I cannot use their services for ads because they refuse to mask the exact street address such as TurboTenant.

Giving the exact street address is akin to giving someone your safe deposit box number and leaving the key in the lock. --172.56.x.xxx




Dismal Tenant Pool (by Robert J [CA]) Posted on: Feb 26, 2024 3:59 PM
Message:

In a medium rental property, around 20 units, other tenants got the "word" that someone is moving from a 1 bedroom. Some of the other tenants contacted "friends" that they should look at the property/unit and get an application from the owner.

I received many calls and asked the current tenant to show the unit. The unit is in great shape so I got many completed applications with all supporting documents.

Not one applicant fancied my eye, financially. I may have been impressed with their looks, skills, professional career, none of them met my list of requirements. AND this was at the Lower rental rate, a steel.

I turned them all down without even having to run their credit/background reports.

I then listed my rental, with a professionally done flyer and began advertising. One the internet. Thru rental listings, etc. NO SIGN OUT! Don't want to attract passers by.

With in half a week I collected over a Dozen applications from single people, couples, parent/child and others.

It was like a pie cut into pieces. Some have good credit, over my 720 target. Some had savings, over $25,000 in savings (non retirement). And others had the right income, 3-times the rent. But most had to service their debt.

SO I ran only the top 4 applicants that could weather a storm.

The one that had a new car with a $600 monthly payments/insurance, killed her chances at qualification. Other also had issues. So I was really down to two.

#1 had a hopper. Every year or two moved.

#2 stayed 3 to 5 years, only moved because of work. She had two jobs with W-2 forms. One job was going on 7 years that brought in 60% of her earning. But she was self employed and made enough at that career even in the bad months, sometimes doing quite well. But her savings didn't show a winner. So I asked, "what's going on"? She would lend money to friends and never get paid back. So with permission I took her cellphone and called her friends, I asked "Katy need the move-in fee's for her new apartment. Katy said that you would be able to help her with that"? The phone then went dead and Katy just found out her friends were talking advantage of her.

I told Katy that I would rent to her, but only on 1 condition. We open up a "investment" account at a local investment/retirement firm and she fund that account with the money she normally gave to friends, like $2,000 per month.

--47.155.xx.xxx



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