New Landlord Having Trouble Finding Tenants In Boulder, CO

[Adam Knickelbein]

Hi everyone,

I'm a new landlord trying to rent my place for the very first time. First listed about 1.5 weeks ago on 1/30. I'm advertised on Craigslist, Zillow (982 views), and Facebook Marketplace (85 views). Link to the listing is below. I've had about a dozen inquiries, maybe 4-5 showings, and zero applications. My thoughts on why it's potentially so slow:

1. Terrible timing - no one is looking for rentals to start in February.

2. I'm too aggressive in my pre-screening. It's a 40 min drive to do a showing, so I ask when they want to move in (I need someone ASAP), how many adults (Boulder limits to 3 unrelateds), then I say min requirements are gross income > 3x rent, min credit score 650, no evictions, etc.

3. Application Fee is too high - $55 seems steep, but that the bundle charge from Avail for credit, criminal, and eviction reports.

4. Rent is too high. I set it at the median price for a 5-bed in my area, according to Rentometer. I also calibrated this against CL postings to make sure I wasn't too crazy. My house is on the smaller side for a 5-bed though at 1920 sf.

What do you think BP? I'm starting to feel a bit desperate! I really need someone in ASAP. What would you do in my position?

https://boulder.craigslist.org...

Thanks,

Adam

[Steve K.]

Couple thoughts...

1. 1.5 weeks isn't really that long to have a property listed. February isn't the best time to find tenants, although it's not the worst either (Thanksgiving>Xmas is). I find things pick up a lot in March. Demand is high here right now however so it is telling us something that you haven't had more applicants, as does the views>showings>applicants ratio. Rent seems a bit high for that location. Rentometer is possibly pulling comps from too far away such as across Broadway which is obviously a higher-end hood. I'd only look at comps right there in that section of Martin Acres that you're in, maybe include Tantra as the properties there are similar. SFR's in that zone rent for $2,000-$2,800 in my experience. you might be able to fetch $3k because it's 5 beds and looks nice.

2. Why do you want someone who can move in right away? People looking to move in immediately usually make terrible tenants, it's actually a major red flag for me because responsible people aren't looking for a place to rent RIGHT NOW. Having a quality tenant pay to hold it until the 1st of next month is probably better financially long term than accepting someone based on whether or not they can move in right away. 

3. Definitely get professional photos. Check out Virtuance, and it might help to splurge for the 3D tour so prospective renters can tour it virtually. You'll use the photos again probably, it's worth the $150 bucks or whatever. 

4. Matt and Julie are right, gotta allow dogs. PM's in this area pretty much insist on allowing dogs because almost everyone here has a furry friend (and if they don't when they move in, there's a high chance they'll get one without asking or play the ESA card anyway). 

6. $55 application fee seems high for sure. I've been charging $20 and usually get about 20 applications per listing within the first week or two. 

7. Reach out to local real estate agency's and see if they will include your listing in their weekly company-wide email blast. We have a lot of clients looking to buy here who can't find anything to buy so agents are looking for rentals for them in the meantime. It would be better if it was furnished for this purpose however. You could probably get $4k/mo. as a medium-term furnished rental. 

Good luck, looks like a nice place. If I hear of anyone looking I'll be sure to send them to your listing.