Average Days until rented?

[Brian Arcangeli]

Hi,

I recently purchased a 3 bedroom 1 bath on the north east side of Grand Rapids, MI. Although my rental listings has been live for over a week, I have had very few leads from them. How long do rentals usually stay on market in Grand Rapids? How many leads should I expect?

I had a property manager look at my property and she said the third, smaller bedroom, makes it harder to rent. I've also had one potential tenant tell me that "an income requirement of 3x the monthly rent basically disqualifies single-income families". Any insight is welcome, thanks!

[Jon Smith]

What is it priced at?  We average less than 30 days on the market, but some homes are more challenging to rent than others.  If you are not getting a ton of leads, it's overpriced, in my opinion.  We are also getting a ton of terrible applications.  Our minimum credit score is 600, and 75-80% don't pass that standard.  We are also 3X income compared to rent and of the 20-25% that pass our credit, very few are passing the income right now.  It is getting better, but I think this year will not be like the good 'ol days when everything was flying off the market within a week.

Take a look at what is on the market around you and be honest about what homes are better or worse than yours.  Looks like the average in the area is $1,700-$1,800.

Do not lower your standards.  Evicting residents is not easy and quick.  It's more important than ever to find residents that qualify.