SFH Vacancy Recommendations

[Cornelius Jamison]

Having trouble filling a SFH 3bd/3ba in Gert Town. Current 5-month vacancy despite having a Property Manager. The property is listed on multiple rental sites. There has been some potential interest, but no one has worked out. In an effort to compete with other listed properties, I have dropped the rent twice at this point. I have concerns about this vacancy lasting much longer and wondering what others have done in the past to get good tenants? Much appreciated.

[Greg M.]

Is the rent inline with the marketplace? Yes, you dropped the rent twice, but if you drop it from $3,000 to $2,800, and then to $2,600, it does no good if the marketplace is at $2,000.

Try getting a list of everyone who has toured the place and contact them. Ask them, what made you decide against renting this place? You may find a common theme. 

Put cameras up in the place so you can record what people are saying as they tour the place. 

Consider a move-in special for qualified tenants. Offer the 12th month free. Promise no rent increase for year 2.