Investor Poll: How long is too long for your property to sit Vacant?

[Eric W.]

A vacant unit that is not renting can depend on a number of variables, but I'm curious as to the thoughts on this.

As an investor how long do you expect a property or a unit to be vacant in rent ready condition when managed by a property management company?

[George Paiva]

WOW, I would love to have vacancies filled in 1-2 weeks but I would also wonder if they are either breaking their current leases or just leave their previous landlord in the dark. I am always wary of the prospective tenant coming in and needing the apartment ASAP with cash in hand.

Here in Connecticut, in my C location properties its been averaging about 3 months. There are a lot of unqualified/undesirable tenants in this market. I typically spend the first month doing a refresh then market hard for a month before I finally have a qualified tenant then usually have them in the following month to placate their prior landlord. Like @Vanessa Brown mentioned, you don't want a bad reputation.

Now my B/C locations typically takes about 2-3weeks of postlets and craigslist ads then lock in a tenant for the following month.

In my refreshes I make sure all HVAC, Electrical and Plumbing has been reviewed by a professional. Ensure all flooring is in good shape as well as appliances. Turnovers always receives a fresh coat of paint as well. In my market if you don't do these things expect to have a lot of tire kickers and unqualified/undesirable prospects knocking on your door.