How much interest, # of showings, # of applicants is normal?

Question

We are currently showing our first rental property and seem to have a large amount of interest. It’s been listed for 12 days and between online postings and a yard sign I have talked with about 60 people and showed the house to 10-12. We have had one person apply and a couple others say they would like to apply but wouldn’t meet our credit criteria. Our one applicant thus far did not have good results in the background check.

What’s the normal amount of interest and number of applicants for a rental? I’m sure it varies by location but what have y’all experienced? This property is in the east side of Columbia SC.

Anthony Wick · Answer

@Kenneth DardenWe own B class duplexes, in Iowa. Winter is a bad time, so I’ll address the spring and summer, when our leases expire. About 30-35 tire kickers when the ad is first posted, 20 of those request showings (Is this still available?), 10 make an appointment when given the full criteria, 6-7 confirm and will show up, 3-4 want an application, 1-2 qualify and want to move in.

Nathan Gesner · Answer

Rentals will get a lot of interest, particularly if you appear to be an amateur landlord. Those are the kind of rentals that attract bad tenants.You can dramatically reduce that number by posting a statement that you will require a credit / criminal background screening on all adults 18 years and older. Also research what other landlords are charging for background screening and include that cost in the property description.Those simple steps will reduce the number of inquiries by 1/3 to 1/4 and save you a lot of wasted of time.

Matt Wise · Answer

@Kenneth Darden It surely depends on your market and which platforms you market your listing on. From personal experience, I posted on Cozy.co which scrapes listings to Realtor.com, Doorsteps.com and I also added my listings on Craigslist (which got the most exposure). I track my prospective tenant inquiries on a spreadsheet and about 75% came from Craigslist and the rest from the physical sign outside of the property or Cozy's partner sites. My listings were active for about 2 weeks and I got between 20-25 inquiries which over half were immediately ruled out by screening guidelines. I think the class of property/tenant is also a factor on where people look for apartments. I hope this is helpful, I also started out within the last year and wondered about this exact question. Best of luck!

Kenneth Darden · Answer

Thank you everyone for your replies! Being the first rental and the very first listing that we have done, we did not know what to expect. We have had lots of inquiries through Zillow and other online platforms with no response from the individual. And many calls from the yard sign looking for basic info such as price, bedrooms etc. We have another applicant in the works now so hopefully it'll be leased soon.Stephen, thank you for the suggestions, we have lots to learn.

Megan Blythe · Answer

Hi Kenneth,As others have mentioned, the amount of activity varies depending on the type of rental and what season. However from what you've said I would call that a very high amount of activity and im surprised you haven't been able to find a tenant yet. However, I always say that the right tenant is worth waiting for instead of rushing the process and renting to someone just to fill the vacancy. With the amount of activity you have, i suspect you will have more applicants on the way. I typically find it only takes a few applicants til I find the right tenant for my landlords, because I tell tenants right away we run credit and background checks, need income verification (paystubs) and are typically looking for 2.5x income to rent ratio. This seems to weed out applicants who are not serious about the property. I will say winter is typically slower (especially around the holidays) and alot of people who express interest will not show up to showings. I hope this helps and If you have more questions feel free to message me directly!

Kenneth Garrett · Answer

@Kenneth DardenI just rented one of my SFH. This time of year is difficult. The house is in great shape. I don’t worry about inquiries. Many people just click on a website and you never hear from them. So the number of interest is flawed based on click here click there. You only need one qualified tenant. Generally I can rent my properties within two weeks. This property got listed on January 1. Lease was signed on January 20. Good Luck.

Stephen J Davis · Answer

As a rule that unit should be leased by now with that much response. With all due respect, it may be that you are not effectively closing them. It takes a high level of sales ability. I generally get about 15 to 20 calls and lease it. I would take a course on closing the sale and read a couple of books on the subject. I like Zig Ziglars "Secrets of Closing the Sale." You can get this on audio and listen to it while you drive around. Go to www.audible.com.

Joe Villeneuve · Answer

Why do you ask?