How many applications do you review?

[Sam LLoyd]

Here's a question that I know is without a hard answer because it is location specific, but I'd like to hear what people think. We currently manage 17 doors. They range from SFR to a 5plex, and I'd like to say they are all about a class B or B+. While we are very selective in our screening process, we have been able to maintain very low vacancy rates. We have 2 units that take longer to rent, but that's partly because they are unique. Other than that, we usually have about 3 applications within the first 2 weeks, and one of those usually passes our screening. Our latest units to bring online, this hasn't been the case. I've had over a dozen applications over the last month, and only one applicant we really liked (and they haven't gotten back with me). I'm not panicking or anything. I'd rather have it empty than have a difficult tenant, it's just that this is the first time I've been turning down so many applications.

So, my questions for you go like this:  What's the ratio of good qualified/unqualified applicants for B class properties that you've run into?  If you're throwing out more applications does this experience tell you that the pricing is too high?  Too low?

We will be making an effort to develop our website more so that applicants can see what we're looking for and help streamline the communications back and forth, but this is the first time that that need has become apparent.

Thank you for your input and advice.