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2 out of 3 rental units empty
Please give me feedback, what can i do to get this one rented. it has been 7 months.
This place looks like a great place to live, if you want to live in a duplex.
I only see two units on the Google drive by. A corner unit and unit B--not 3 units?
I did a Google Drive around it and it looks like the entire area is duplex owners or renters.
Are you sure your monthly asking price is accurate for the current time, accurate for a duplex in a duplex neighborhood, and accurate for this neighborhood.
Are people able to buy a duplex in this neighborhood with some kind of down payment assistance program for very little down and the payments are near your asking price. Meaning is the area more desirable to buyers than to renters.
What I mean by that is for instance in a place like Newport Beach California where houses cost millions to buy there may be apartments available for 2000 a month, which is way less than the per square foot of a purchase.
I am wondering are people competing against your rental with for sale units, meaning you might have to price cut the per month rather than give just a two month discount.
And your $ sign is incorrect in its placement in the ad.
And I would place the main picture of the house above the words so it loads first because it's very pretty.
Curb appeal is vanilla for the area, no problem there.
Maybe consider making the main picture a full picture of both units so that people really do understand it's a duplex.
Everything looks great, the cars in the neighborhood look acceptable class B.
I'm just guessing that a duplex in that area, in a full duplex neighborhood, might (might) have to be priced lower.
What is the time on market for rent right now currently for duplexes in that neighborhood and is your monthly asking price high, average, or low for the area.
Pretty house, looks desirable to me. Maybe you need to market it in a different place or places. I did not see a For Rent sign in the front lawn.
Who is the neighbor in unit a. Someone that might drive away a potential customer for unit B.
Birds of a feather like to flock together.
Good Luck!
We have 3 duplexes in this neighborhood. One the if perfect tenants, the second one, a bad tenant is leaving this week. and this one, the one with the link i posted has been empty for 7 months. It was prime real estate 3 years ago. Now the renters qualiaty has gotten lower. They are building another section of the same subdivision down the road, but is only for buyers no renters. We are lowering rent to 1650 and to 1550 in two weeks if it does not rent. 3 years ago 1800 was common for this neighborhood. I dont think i can change the picture location because it is the Property Management website but I will ask. Thank you for your input. we really appreciate it
Quote from @Diego L.:
Please give me feedback, what can i do to get this one rented. it has been 7 months.
There must be an issue with the neighborhood. I looked through all of Greenville and your property is on the low end for a 3bed/2bath.
Sitting vacant for seven months has cost you $11,000 or more ($1500 rent + $150 utilities). If your PM were on the ball, they would have recommended dropping the price after 30 days and found you a tenant to stop the bleeding. If you cut your price to $1350 a month and placed a renter after 30 days, your total loss would be must smaller. One month vacant = $1650. Price reduction of $150 x 12 months = $1800. Total loss is $3,450. That's a much smaller loss than what you've currently paid.
A good PM would give you regular updates and take charge of the situation to protect your income. I would never allow one of my owners to sit vacant like this!
#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
Don't see anything wrong with it.
Where is it being advertised?
How many showings averaged per week?
May be time to just drop rent every 2-4 weeks until activity picks up.
I also invest in this area. My advice is to hang in there for a few months until after the back-to-school rush hits. If no one takes it for the new school year, then look at a new strategy. Maybe also, in the listing, you can lease per room for multiple students.
Quote from @Joseph Wilson:
I also invest in this area. My advice is to hang in there for a few months until after the back-to-school rush hits. If no one takes it for the new school year, then look at a new strategy. Maybe also, in the listing, you can lease per room for multiple students.
are you also running into issues renting units? I am with a property manager and I live overseas, so i cannot lease per room, as much i would like to.
Quote from @Diego L.:
Quote from @Joseph Wilson:
I also invest in this area. My advice is to hang in there for a few months until after the back-to-school rush hits. If no one takes it for the new school year, then look at a new strategy. Maybe also, in the listing, you can lease per room for multiple students.
are you also running into issues renting units? I am with a property manager and I live overseas, so i cannot lease per room, as much i would like to.
I will sent a message direct