How long did it take to find your first tenant?

Question

As a newbie I am curious how long it took others to find their first tenant(s) ? I closed August 8th on my first property, took two weeks for a cosmetic remodel and the condo has now been on multiple sites as available for rent for the last two weeks. I've received many emails, pre-screened and have had a couple showings for those that meet the pre-screening requirements. One person did apply but choose another unit during the application process.  I know the end of summer/beginning of fall is not the best time to find new tenants in Minnesota.  Would love to hear others' experience in how long it took to find the first tenant. Thanks!

Christina Wrightsman · Answer

@Jim Adrian @Christine Kankowski Thank you for the insight. Just after I posted this question, the unit received a ton of interest and my first tenants are moving in this weekend!

Jim Adrian · Answer

About 2 weeks.

Christina Wrightsman · Answer

thanks @Scott Trench!

Scott Trench · Answer

Congrats @Christina Wrightsman ! I remember it took me 3-4 weeks to finally accept a qualified applicant. There's a lot of little, simple things to learn to make the process smooth (high quality photos, detailed description, pre-screening phone calls and emails, setting up showings for tenants, accepting that a certain percentage will no-show, etc), and make sure you stick to your guns on the big criteria like evictions and credit scores (no evictions, good credit!)! No tenant is better than a bad tenant.

Marnie L. · Answer

That's good you have a renter. I hope the person checked out well. Definitely do not rush and hastily accept a prospective tenant without a thorough background check.

I have had some of my rentals rented in just a few days and then for others a few months (longest wait was over 4 months). I personally found where I could put a sign out "For Rent" usually was a quicker way to rent a place out than just having rental ads online. I think on average after having a few rentals over the years, we could get a place reasonably rented within a month.

Sometimes there are just other factors that matter. I once had a condo in an HOA that did not allow exterior signs, so renting it out was much more of a hassle and would take much longer. It would often take over 3 months or longer in between tenants to rent out. Another reason people did not like the condo was because it was a third floor condo, where you had to hike flights of stairs to get to the unit door. I know some people did not want to deal with that many stairs at all. For this condo rental, I could only advertise it online.  I also had another townhome rental that was only 1 bedroom. That would take longer to rent out as well. Sometimes that one took over a month or 2 to rent out in between tenants.

Anyway, variables from what your rent is, location, the condition of the place, price and timing. I know where I live in metro Atlanta, renting out would take longer between Nov-Feb when it's the coldest (winter). Other times of the year (outside of major holiday weeks) are usually better times when people seek rentals where I live in Georgia.

Robert P. · Answer

It took me about a week and a half to get someone in my units, but this was during May/June time period. Posted on Zillow and Craiglist. Surprisingly, most people said they saw it on Craigslist.

Screen screen screen, DO NOT rush things. I almost put someone in there who I was just "eh" on, but quickly talked myself out of it and waited a little longer. Ended up getting a great tenant! (so far!)

Christina Wrightsman · Answer

Thanks @Chris Virgil-Stone. Hopefully they are after all the screening!

Chris Virgil-Stone · Answer

Congrats @Christina Wrightsman on your first deal, I hope they're good tenants.

Jeff B. · Answer

For years, all I did was post a FOR RENT in the yard and only the screening time was the limiting factor.

Location - Location - Location

Christine Kankowski · Answer

Typically a few weeks is all it should take at this time of year.  You are right that getting someone in before the weather changes is a good plan.  Maybe lower the rent just a bit to get some more interest and make sure it is easy for them to see quickly, before they find other places

, etc.

How long did it take to find your first tenant?

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