Having trouble renting, suggestions?

Question

I primarily manage duplexes, triplexes and single family homes. The units are in great condition and the interiors are very nice though the buildings were built many years ago. The units are all located in the now older, poorer part of town. I am having trouble renting the units as some have been vacant since April. I post a sign in the window with my number and I advertise on craigslist and Zillow which posts to other sites. The qualifications are pretty standard like 3 times the rent in income, good rental history but no credit check. If I checked credit I would probably have to disqualify nearly everyone who applies. For instance, I have a 2BR/1BA apartment renting for $550 a month water paid with a $200 deposit and I just can't seem to move it. Trust me when I say the units are very well maintained, the owners pour a lot of money into their properties and I always get comments on how nice the places look compared to others prospective tenants have looked at. Any advice on what I can do to rent these places quicker?

Colleen F. · Answer

Put what is best about the apartment first. (new appliances, large windows, low deposit), is there anything else about the area like outdoor space you want to add? do people care it is a triplex? I would not bother with that.  Around here the ground floor aspect might be important, not sure about texas. Don't apologize in the ad about W/D hookups just state No W/D hookups. Close to?? park , laundrymat, bus?  Not everyone is familiar with the neighborhood. Is it bright sunny? Tenant pays: electric?  owner pays water/trash. Make it a bit more cheerful and make the apartment pictures brighter.

Post some info on the property with the 4 rent window signs. Maybe a flyer with you ad?

Is there anywhere besides the internet people look for apartments in your area? Bulletin boards at nearby stores/laundrymat, paper throwaways.  Maybe there is a business where people work nearby you can let them know you have something for rent.  As a stretch consider agencies placing people in housing. Hope that helps, while it could be price my guess is it just doesn't stand out in a positive way.

Sloane Rowan · Answer

I have heard of landlords offering 3 months of internet service - If you can get a decent monthly cost on something like that it may be an option?  Have you tracked the other rentals in the area to see how they are performing?  I also myself have shortened the length of the lease just to get cash flowing and have had good luck with that.  (Instead of 12 mos offer 6 month?)  Sometimes you can catch those who are working in the area temporarily or who are waiting for a home to be built etc.  I had 2 different tenants short term who had damage to their homes and their insurance company paid me directly both times ( I was able to charge a premium because they needed 3 month minimum with a month to month after which worked out fantastically financially )

Jassem A. · Answer

Zumper would get it on to realtor.com as well and you could also create more ads on Craigslist and renew them every other day and also advertise to local Facebook groups

Rick S. · Answer

Sorry @James Erickson as the ad looks good to me so not sure what else to suggest besides the prior posts suggesting a discount on the first month.

James Erickson · Answer

Here is a link to one of the properties and is indicative of how I advertise on Zillow.

http://www.zillow.com/homedetails/2514-Montana-Ave-APT-1-El-Paso-TX-79903/2106513120_zpid/?view=public

Rick S. · Answer

@James Erickson do you have an example of one of the Zillow ads that we could take a look at to make sure you have lots of pictures and info?  Do any of your current tenants know anyone looking for a new place?  Maybe you could offer a referral bonus to some of your current tenants.

Yvette M. · Answer

I offered half-off the first month to get my units rented.

James Erickson · Answer

That may be an idea but I would not want to give the first month free because they are now in your apartment with a signed lease with little invested on their part.