Filling Units for Residential MF

[Alexander Rovsek]

Hey all!

I have a quick question. I am an out of state investor in California and i recently acquired a 4-plex in Indiana. I have an incredible PM that my friends/family have worked with for over a decade. Im running into an issue of us filling it/getting applications with good tenants. Does anyone have any ideas about how to solve this and get our units filled quicker? Any thoughts on this would be helpful thank you!

[Jonah Hartsburg]

It's a difficult time for leasing in Indiana; Cold weather, holiday travels, Christmas spending, high interest rates on credit cards, and so forth. 

Below are some key alterations to increase the units' marketability:

Listing presentation - Photos, description, etc.

Listing syndication - Zillow, Realtor.com, Apartments.com, (dare I say) Facebook marketplace, etc. 

Lead processes - How quickly is the first response to incoming leads? What are barriers to an application being completed and are they appropriate?

Tenant requirements - Are the requirements too stringent and out of line with competing listings? 

Price - Naturally the top reason as long as the items above are reasonable. Can you settle with a slightly lower rate that would offset the expense of a longer vacancy at a higher rate? 

You could also offer rent specials, such as half-off a month's rent if the lease begins by a certain date, one month of free utilities, or a refundable application fee upon successful move-in. It's a numbers game coupled with a bit of luck. Keep moving forward. It only takes one person to get a unit filled!