Typical Time to Rent a Unit?

[Shaun Palmer]

Fellow BPer's, I am curious how long it takes everyone to get a lease signed from the day a unit is purchased to the day the lease is signed? I am just starting out in Raleigh NC and trying to figure out what an appropriate time frame is before I reevaluate my requirements/qualifications for my rental. I am also curious what the time frame is from the initial call to the day the lease is signed? I appreciate any feedback. Thanks Shaun

[Michele Fischer]

It depends on whether there is any rehab work or not.  If we have rehab, we wait to advertise it until we get most of the work done, so we don't get constantly interrupted with showings and it doesn't show as well when torn apart.

If we put a unit on Craigslist, we plan on a week of showings and a week between offering the unit and move in.  We have gone up to two weeks empty for a good tenant, but we also offer a reduced rent deal to get them move din sooner if it is otherwise ready; better to get them settled, make a few incremental dollars, and build some goodwill.  

When we offer a unit, we normally meet them within four days to sign the paperwork and get a holding deposit if they are not moving in in the next few days.  We consider it still on the market until we have signed paperwork.

I don't have the concrete numbers, and each market will vary, but hope that helps!