Milwaukee market conditions - property not renting

[JC Rav]

Hi Everyone,

I have a new 3/1 SFH 1000sf in great condition that has been sitting on the rental market for almost 2 months now. My other property there rented in less than a week back in 2017.

I'm out of state. Anyone know if the market conditions changed so much there? 

Thanks

JC

[Matt Maurice]

To piggyback @Nathan Gesner comments, you've clearly got a problem if something is on the market for 2 months.  We do see DOM tick up this time of year, but not to that extent.  

Have you reviewed your manager's screening criteria?  Ensure that you don't have a mix match in criteria to the property location.  (looking for an A resident in a D location, for instance).

If they aren't already providing it, ask your manager for the weekly inquiries, showings, and applications.  Most PM software spits these numbers out very easily, and this is how you can dive into further issues.  Inquiries are low?  It's a price problem.  Showings are high but nobody is filling out an application?  It's a condition problem.  

Asking for the data will also help you determine if your manager is putting forth proper effort to get the place rented.  Ask them for averages across their other current vacancies to see where your property falls.

Most of the year we average around a 10-14 day post to lease average.  This time of year we see that very quickly jump to 25 - 30 days, particularly in our lower rent properties as we don't bend on our standard screening criteria.  The only time we see something sit for 2-months is when clients don't drop the price, generally against our suggestions.  

Hope that helps!