Having difficult vacancy
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Having difficult vacancy (by Mickey [RI]) Apr 16, 2024 7:13 AM
       Having difficult vacancy (by Nicole [PA]) Apr 16, 2024 7:23 AM
       Having difficult vacancy (by NE [PA]) Apr 16, 2024 7:32 AM
       Having difficult vacancy (by RB [TN]) Apr 16, 2024 7:57 AM
       Having difficult vacancy (by plenty [MO]) Apr 16, 2024 8:54 AM
       Having difficult vacancy (by WMH [NC]) Apr 16, 2024 9:51 AM
       Having difficult vacancy (by Otis [IL]) Apr 16, 2024 9:58 AM
       Having difficult vacancy (by NE [PA]) Apr 16, 2024 10:08 AM
       Having difficult vacancy (by WMH [NC]) Apr 16, 2024 10:30 AM
       Having difficult vacancy (by jonny [NY]) Apr 16, 2024 10:31 AM
       Having difficult vacancy (by Ray-N-Pa [PA]) Apr 16, 2024 10:39 AM
       Having difficult vacancy (by mapleaf18 [NY]) Apr 16, 2024 5:30 PM
       Having difficult vacancy (by Robert,OntarioCanada [ON]) Apr 16, 2024 6:06 PM
       Having difficult vacancy (by Robert J [CA]) Apr 16, 2024 7:51 PM
       Having difficult vacancy (by Allym [NJ]) Apr 16, 2024 10:07 PM
       Having difficult vacancy (by Landlord ofthe Flies [TX]) Apr 16, 2024 10:34 PM
       Having difficult vacancy (by BRAD 20,000 [IN]) Apr 17, 2024 12:24 AM
       Having difficult vacancy (by BRAD 20,000 [IN]) Apr 17, 2024 12:34 AM
       Having difficult vacancy (by Mapleaf18 [NY]) Apr 17, 2024 4:42 AM
       Having difficult vacancy (by Paulio [PA]) Apr 17, 2024 7:58 AM
       Having difficult vacancy (by RB [TN]) Apr 17, 2024 8:19 AM
       Having difficult vacancy (by Phil [OR]) Apr 17, 2024 10:50 AM
       Having difficult vacancy (by Landlord ofthe Flies [TX]) Apr 17, 2024 7:14 PM
       Having difficult vacancy (by Small potatoes [NY]) Apr 18, 2024 1:15 AM
       Having difficult vacancy (by Oregon Woodsmoke [ID]) Apr 18, 2024 11:06 AM
       Having difficult vacancy (by Vee [OH]) Apr 19, 2024 9:57 AM

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Having difficult vacancy (by Mickey [RI]) Posted on: Apr 16, 2024 7:13 AM
Message:

I have had a vacancy for the past five months in an attic apartment. Has been refurbished, recently painted, rather spacious. The applicants who want to rent are not favorable (it's in a d class area). The applicants I liked do not want to go forward. I know have another upcoming vacancy. Wondering if I should lower rent threshold? Or perhaps consider selling if I can't find good tenants but I am worried about capital gains taxes. Any input helpful. --173.69.xx.xx




Having difficult vacancy (by Nicole [PA]) Posted on: Apr 16, 2024 7:23 AM
Message:

A common answer on here will be to raise the rent. Many of those responses will be from landlords who don't understand D class areas.

Your area, along with the third floor, are your big deterrents. Spacious, repainted and refurbished aren't necessarily a plus. People in D areas are mainly looking at the cost...then cleanish,functional, safe. --98.237.xxx.xx




Having difficult vacancy (by NE [PA]) Posted on: Apr 16, 2024 7:32 AM
Message:

Drop the rent. Thatís been the game for me on the past few vacancies. Years ago, I used to drop every 2-3 weeks if I didnít have an approved tenant, I may go back to doing that. --24.152.xxx.xx




Having difficult vacancy (by RB [TN]) Posted on: Apr 16, 2024 7:57 AM
Message:

Lower the rent, sell the place, or let it ride vacant.

It's a Jungle out there.

--69.130.xxx.xxx




Having difficult vacancy (by plenty [MO]) Posted on: Apr 16, 2024 8:54 AM
Message:

Lower the rent but up the deposit. Or have a move in special that's gets them in for under $1000. --172.59.xxx.xxx




Having difficult vacancy (by WMH [NC]) Posted on: Apr 16, 2024 9:51 AM
Message:

NE I think the days of raising rent to get tenants might be over. That was the advice in the days before the huge run-up. Me, these days I know I'd be lowering my rent if I couldn't fill a space: people don't have the money for high rent in low places.

Have you done research OP on what your kind of unit is renting for? 5 months is a looooooooong time. --173.28.xx.xxx




Having difficult vacancy (by Otis [IL]) Posted on: Apr 16, 2024 9:58 AM
Message:

Is there anyway to change it so the attic apartment is part of the second floor?

I have an up/down duplex set up like that. 1st floor is a 2 bedroom apartment. 2nd floor and the finished attic are a 3 bed 2 bath apartment. I have thought about splitting the attic off on its own. Then I would have a 2 bed 1 bath on the second floor and 1 bed 1 bath on the third floor since it already has a full bathroom up there.

My only hesitation splitting the property up further is that I think it would be tough to rent the attic apartment. How it is set up now with a 3 bed 2 bath apartment on the upper two floors, it always stays rented. --24.245.xx.xxx




Having difficult vacancy (by NE [PA]) Posted on: Apr 16, 2024 10:08 AM
Message:

WMH, last year I had a new property going on the rental market for the first time since buying it. I had tracked local comparables up to the point of when I listed the property. I always try to go a little bit under the market to have a competitive edge. It ended up being one deadbeat after another. I started at $1600 a month based on comparables and had continuous showings and applications all the way until I occasionally reduced five or six months later down to $900 a month. Thatís when I finally was able to qualify somebody. so all the noise and fluff on here about raise the rent or whatever else, I just ignored it anymore. The numbers donít lie. I donít know what the people with the high price listings are actually doing to get bodies in the door. But they almost never line up with my numbers at the end of the day. --174.240.xxx.xxx




Having difficult vacancy (by WMH [NC]) Posted on: Apr 16, 2024 10:30 AM
Message:

I have income data on pre-screening back to 2017. Income has gone up, but not THAT much. $1700 in my area is pushing it and it better be a large place for that. Yet I see places listed up to $3500 all the time - sitting empty... --173.28.xx.xxx




Having difficult vacancy (by jonny [NY]) Posted on: Apr 16, 2024 10:31 AM
Message:

Well ... I'll let you know what happens to me. I have 3 different apartments that have been vacant since October (yes, October) so I'm in the same boat so to speak. Horrible prospectives.

It's winter (or was) and that is the absolute worst time to have vacancies. I had two others that were vacant since summer in not "great" neighborhoods and filled them in January with good tenants. Just have to keep plugging and remember that you cannot (repeat, CANNOT) lower your standards of the tenants or you will be SORRY.

However... Sunday I took the ads down, switched up the pics and then put them back up with modest (very low) increases... if one was at $900 it's now at $925, if it was $975 it's now $985, $1200 is now $1225, etc).

I'm getting different people inquiring now. I was going to lower them and just thought "you know, lets see that the "Spring Market" is here if changing the prices in a different direction will make a difference".

The thing is... these aren't all in bad neighborhoods but the ones I'm seeing as potential comparable are asking for $100s of more money and they aren't in as good as neighborhoods (or if they are.. they are A LOT more). The difference is the other ones may have "new fancy showers and bathrooms" or the higher end cabinets but they are truly overpriced for the area (IMO) and just because you put a granite countertop in an apartment doesn't mean that it isn't going to get completely ruined in a few months because of who will end up in there. If they ARE careful, then the ones that are going to take care of it... will not go there because they don't like that area AT ALL. So now I'm not looking that bad and they are all coming up as "new to market" with different pics...

--69.201.xx.xxx




Having difficult vacancy (by Ray-N-Pa [PA]) Posted on: Apr 16, 2024 10:39 AM
Message:

There were millions of people out there who made bad decisions over the past few years. You are asking if you should let these folks have your apartment.

I am inclined to tell you do some more directed marketing instead of lowering your bar. These folks were trained to act badly. It will take some time but every rubber band will snap back to its original shape. --24.101.xxx.xxx




Having difficult vacancy (by mapleaf18 [NY]) Posted on: Apr 16, 2024 5:30 PM
Message:

I agree with NE. In my area, only those on welfare can afford higher rent b/c of subsidization. --64.246.xxx.xx




Having difficult vacancy (by Robert,OntarioCanada [ON]) Posted on: Apr 16, 2024 6:06 PM
Message:

Separate all the utilities so rent will be lower along operating costs will significantly reduced. A high efficiency split heat pump which can used all year round for heating and cooling which is another plus. Upgrading insulation so hydro electric bills will be low. Separated utilities weeds out a lot of problem as unpaid utilities and unpaid go hand in hand. If all fails then the property is worth more money as lower operating costs more buyers. It may be converted back to a single family as well. --207.236.xxx.xxx




Having difficult vacancy (by Robert J [CA]) Posted on: Apr 16, 2024 7:51 PM
Message:

As a owner and contractor, I'd look around to see what other seasoned landlord have done to upgrade a unit to insure a quick turn over. --47.155.xx.x




Having difficult vacancy (by Allym [NJ]) Posted on: Apr 16, 2024 10:07 PM
Message:

Yes,upgrade like "reverse osmosis filtered water". I have that in two of my units now because local water went bad last year with legionella. Other tenants already were buying bottled water or had pitcher filters and wanted to use them. Tenants in this two family wanted filtering. Both rely on their physical bodies for work so I accommodated and will use that feature to rent again when the time comes which is soon. One has purchased a condo and the other will be out of school in fall of this year unless she gets a local job she will leave. There are people who will live in a slightly problematic building to get that kind of benefit. The two filtration units were a thousand a piece. I don't have any three story or attic units. --173.61.xxx.xxx




Having difficult vacancy (by Landlord ofthe Flies [TX]) Posted on: Apr 16, 2024 10:34 PM
Message:

Since I never heard the word "bathroom" or "kitchen," I'll assume the attic room doesn't have a kitchen or bathroom. So you're probably having issues renting it because you have to climb up more stairs to get to it, and no mention of a bathroom/kitchen.

1. It may not make financial sense to add a bathroom and efficient kitchen area, but if it doesn't have one, it may be worth looking into.

2. If they don't have either and it's not financially worth doing, try making this room an office and include it with another room and raise rent on the other room with office. Of course "D" class may not need offices, but you could make it a theater room or something with cool factor. --108.69.xxx.xxx




Having difficult vacancy (by BRAD 20,000 [IN]) Posted on: Apr 17, 2024 12:24 AM
Message:

Mickey,

Class **D**??? I cannot imagine how rough it must be.

Upper apts are always harder to rent. Every step UP is a step DOWN in price.

Just lower the price to get someone in there.

Ugly/rough apts don't attract the good people so we have to relax our standards.

I advertise the RENT to get theie attention plus $XX for utilities in the description.

I also advertise weekly rent. THAT's a biggie!

Consider including basic furniture like mattress (with bedbug bag), couch, table, chairs, desk, lamps...NO ONE wants to move that stuff upstairs.

Check with local aid agencies. Lots of special needs folks hold steady jobs but need a basic home. Mine stay forever.

Also reduce move in costs. Your target market renter has absolutely NO money for deposit first month, etc. A "no deposit" promotion - "Move in with one week's rent."

BRAD

--73.103.xxx.xxx




Having difficult vacancy (by BRAD 20,000 [IN]) Posted on: Apr 17, 2024 12:34 AM
Message:

PS

Examine and pump up your marketing.

Yard signs, great photos on your Zillow ad...

Remove steps in your app, screening, and showing process. Streamline it.

BRAD --73.103.xxx.xxx




Having difficult vacancy (by Mapleaf18 [NY]) Posted on: Apr 17, 2024 4:42 AM
Message:

Brad, I wouldn't want to advertise utility costs in BLUE states. They are skyrocketing daily as we all pay for reinventing the wheel (green new deal) --64.246.xxx.xx




Having difficult vacancy (by Paulio [PA]) Posted on: Apr 17, 2024 7:58 AM
Message:

Depends on what you mean by "not favorable." Are they drug felon gangbangers or are they someone with an eviction 2 years ago? If they're only in the slightly tarnished category, you might want to take a chance on a non-favorable. Make it a MTM lease and keep them on a short leash. --50.107.xxx.xx




Having difficult vacancy (by RB [TN]) Posted on: Apr 17, 2024 8:19 AM
Message:

Ditto Paulio. --69.130.xxx.xxx




Having difficult vacancy (by Phil [OR]) Posted on: Apr 17, 2024 10:50 AM
Message:

Before I purchased my second rental property, I listened to Carl Sheets program (on cd) many times... One of his points is that if you are not finding a tenant, your price is too high for what you are offering.

I dislike renting a second floor vacation rental because of carrying luggage, groceries etc up and down ... but the right price would make me consider it.

5 months without a tenant is way too long. If you were asking 800 and it would rent easily at 700 within a month-- you have lost out on 4 months x $700 =$2,800 It will take over 2 years to recapture what you lost by sticking with the original price. It is a balancing act. --76.138.xxx.xxx




Having difficult vacancy (by Landlord ofthe Flies [TX]) Posted on: Apr 17, 2024 7:14 PM
Message:

So if it's a class D area you could make the attic room a home gardening room. Through a few planting troughs up there, scatter some grow lights, watering equipment and I bet you'll rent it. --108.69.xxx.xxx




Having difficult vacancy (by Small potatoes [NY]) Posted on: Apr 18, 2024 1:15 AM
Message:

Unit I mentioned previously where I started advertising in Nov is still vacant. Elt carried me til Jan. I listed new vacancy in March and took down the older one. I have an application for the newly listed one and am letting prospects know I have a unit I'm about to list that I can show them, makes it sound exclusive. You might try going w the fresh unit and filter prospects to the older one which is unlisted. --172.59.xxx.xxx




Having difficult vacancy (by Oregon Woodsmoke [ID]) Posted on: Apr 18, 2024 11:06 AM
Message:

[[[[...... make the attic room a home gardening room....]]]]

I am assuming that was in jest, but it case it wasn't "home gardening" inside causes a huge amount of damage to the building. --76.178.xxx.xxx




Having difficult vacancy (by Vee [OH]) Posted on: Apr 19, 2024 9:57 AM
Message:

There are some places that will not produce anything, move your efforts to another location with an elevator, stair lift, or parking garage --184.59.xxx.xx



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