How to make my rental more attractive

Question

Hey everyone.

I’m looking for some advice. I’m having trouble renting one of my units and I’m looking for some ideas on how to proceed.

Quick note ::: there are some links at the bottom of the listing and tour....

I currently have a 3 unit property in upstate ny where the weather is cold about 6-7months of the year. . Unit 3 is a one bedroom with electric heater renting at 635/Mo. Unit 2 is a two bedroom with electric baseboard heat renting at 800/Mo. Unit 1 is a two bedroom with oil forced air heat not renting at all. It was getting 830/Mo (it’s about 400sqft larger than unit 2. The tenants bailed out on me in November Bc they didn’t want to pay for the oil heat themselves. It’s a 1200sq ft apartment which is recently remodeled and a very nice apartment for a family. It was renting last year at $830/Mo. This is the problem place.

Learning that the tenants didn’t want to pay for oil heat, I assumed it was due to them not having the cash flow to shell out $300-$400/Mo for a tank of oil. I figured I’d deal with that burden myself and instead list the apartment for $960. That price resulted from $830/mo plus the averaged out cost of the oil. It seems like a reasonable price, but I’m not getting much action on it. I get a few interested people but they have mostly flaked out.

My question to you all is, how should I proceed? Do I chalk this up to holiday time lag and wait until the new year, or am I charging too much due to the price of the oil heat? It’s uncomfortable to have it just sitting there but I don’t want to lower the price too far that I end up with a deadbeat in the place. I also don’t want to run the risk of driving my price down so low that the other 2 bedroom unit wants his price lowered as well. An option I thought of was to install electric baseboard heat in there and rent at a lower price.

Here is my listing for the apartment. It’s on Zillow’s sites, Facebook, and craigslist.

https://www.zillow.com/homedetails/2681-Sanitarium-Rd-Clifton-Springs-NY-14432/31893305_zpid/

Also I have a Virtual tour on YouTube which isn’t linking properly on Zillow. Need to fix that.

https://youtu.be/xjT1pbh8Wd4

Thoughts?

Nicole A. · Answer

Being that you're in NY, I assume most people are not moving during this time of year due to the cold winters and also holiday season. How long has it been on the market?

Also, I would suggest better photos. The photos in your listing are small and dark.

Account Closed · Answer

@Cory Melious I would reword your ad. It comes across as amateurish, landlords don’t have people “holler” at them. Tenants don’t care about new pipes, or do they in your area?

It’s also one of two rentals in that town. Maybe it’s just super slow, but where else are you advertising?  Because I’m thinking that area uses something other than Zillow to rent their units out.  Multi-Prong marketing to any and all websites you can think of.  Also google town name and home for rent and see what’s the top places and that’s where you should also advertise.  Good luck

Josh VanSetten · Answer

Depending how that units floorplan is, a ductless mini-split heater/AC would be a good maybe be an option.  Then you get a new efficient heat system and add AC to that unit.

Brent Paul · Answer

First impressions is the pictures are a little bit dark and make it look creepy.  Secondly Nov- Apr are tough times to find renters.  They don't want to move in the cold weather and snow.  If at all possible have the leases end in September at the latest.

If you aren't getting any hits your price is probably too high.  The tenant probably can't afford that big chunk of money for heating the place.  If they could they probably would buy their own house.

Have you had the place checked for energy efficiency?  Sounds like you might need some better windows or insulation in your walls.

Are you listing your property on other places besides Zillow?  Cragslist, facebook, etc?

I would rather get a little less in rent and have all 3 rented vs having all 3 sitting empty.  Each month it sits empty is more money out of your pocket.  You will be in a bad situation if this property sits empty for 4 months.

Dj Hume · Answer

@Cory Melious one quick fix, I'd recommend having the picture of the house as your main photo. From the outside, this house looks big and beautiful.

Second would be updating the pictures to make them a little brighter. Right now it doesn't look very welcoming, like my "dream home".

Finally, it's a slow market for everyone, not many people are moving unless they were kicked out of their current place, but I personally try not to use the time of year as an excuse, I just have to change my tactics to make sure it gets rented ASAP.

Few questions:

1. Are you listing your property on other channels to find tenants?

2. How many other rentals are currently available in the area?

3. Are other rentals in the area including utilities or no?

Dennis M. · Answer

Even renters understand Fuel oil sucks and it’s really expensive ! Want to make it more attractive??? Then lower the price

Jacob Sampson · Answer

I don't know about NY but I can say that this is a slow time of year for me also.  The problem with raising your rent and covering the oil bill is that no tenant does the math like that.  They are only looking at what the rent is, so that rent might just be too high for your property.

1.  Have you thought about swapping out the heater for a natural gas or electric furnace?

I don't know your area but your pictures look fine.  Your issue is more likely that your rent is too high for what you are offering or just a bad time of year.

I want my properties rented, so once a property hasn't rented within 2 weeks of putting it on the market I drop the rent by $25-$50/month.  I leave it at that for another 2 weeks and if it still isn't rented I drop again.

Dennis Cosgrave · Answer

It might be a good idea to better insulate the unit in order to reduce heating costs. That might require new windows or wall and ceiling insulation. If you can make the unit more energy-efficient, it will be more attractive to potential tenants.

How to make my rental more attractive

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