Low Performing 'A Class' Rentals

[Jack Luzecky]

Hey there fellow BPers, 

The property management company I currently work for in St. Louis, MO, manages approximately 1,600 units and continuously has about 60 units on the market throughout the year. Most of these units fall in the C to B class range, renting anywhere from $400 to $850 monthly. We do not experience any difficulty getting these rented. The properties we do find difficult to get rented are those priced $1500-$2500, but are indeed A Class housing in A class neighborhoods. I am confident once we are able to show a prospect these units they will fall in love and ask for an application, problem is there are very little inquiries and most do not follow through with the showing. 

Assuming that the units are clean, priced at the appropriate market rates and in an A CLASS neighborhood, what outside marketing can we do to attract those who are looking to live in these properties? Currently we market to our own homepage, Craigslist, Zillow, Trulia and about 50 more syndicates. Is it the posting title, verbage, etc. or are there other methods of getting these rentals out to the public that we currently are not utilizing. 

Any and ALL advice would be greatly appreciated! I hope to hear back from all if possible.

Jack

[Bettina F.]

The problem you are going to face is that your Class A tenants are probably all buying their own houses/ condos now.   Maybe you should consider selling these units, or if apartments, doing condo conversions.

The class A market is slowing in San Francisco and New York city.  You may be feeling this slow down.