Have rental applications slowed down for you during quarantine?

Question

Looking to get an idea of how many rental applications people are receiving now vs during normal times. I listed a new unit for rent in the Bronzeville area last month and applications have been really slow. Wondering if I need to drop the rent or if I should just wait it out.

John Warren · Answer

@Byron W. I am still getting rental interest in the western burbs. I have two apartments listed in Berwyn and am getting probably 1-2 hits per day.

Neil Narayan · Answer

Not in Austin. I listed a townhome for my client on Friday 2 weeks ago and it was leased out in a day. I still got 20+ inquiries after it went pending. Location, price and condition are all a factor but I would say people still need a place to live during their crisis and there are more serious people looking right now as they have to move.

Matthew Olszak · Answer

I had great response last week on a C class 8 unit building where rehab was just completed. I have 4 of the 8 units already schedule for lease signings this weekend. Rents are close to the top of what the market will support w/ no incentives. I am however paying a lot more attention to occupation and requiring recent paystubs to ensure they're still working.

Byron W. · Answer

Hey Texas peeps, I was directing this to Chicago since our lockdown situation is a bit unique to some other cities. Thanks for the input though.

Amrit Babu · Answer

One of my own rentals, the tenant who had a small business after 3 months within the lease wanted to terminate early due to Covid. Ended up putting it on market, and got someone within 2 days. Leasing seems to be strong here still. (Austin, TX). Keep in mind, this house is 10 mins from dtown, so not sure if that matters.

Daniel Cullen · Answer

I had two lease expirations which got filled out quickly using Zillow. Both are 1 bedrooms with modern kitchens and baths in vintage buildings. Both were posted on Zillow and rec'd very strong interest. Both were rented to young professionals with great credit histories. This is the difference between owning rental properties in 'iffy' areas as opposed to established and desirable areas. When the stuff hits the fan the landlord can be up a creek unless the apartments are located in places where people actually want to live. The one bedrooms rented out at $1325 each.

Sarah Lewis · Answer

I rented out a nice 1 bedroom apt in Edgewater in mid February for early April occupancy. I got a great rent and excellent tenants. I did 3 back-to-back showings one afternoon and that was it! Boy, was I lucky. Three weeks later and who knows....

In general, in Chicago, the sweet spot is to list unit 6 weeks out.But with current stay-at-home order, it is not legal to show an occupied apartment. (Personally, I think that is fair)

Tony S. · Answer

I've had 11 vacant units available that came out of rehab beginning of March. I've filled 6 of them so far during COVID, but had to drop the rent price by $50/unit and give half off first month's rent. 5 units remain vacant, though we've rejected a few applications.

Sarita Scherpereel · Answer

@Byron W.

Hi Bryon! I have three new buyers that bought in February. Their buildings had vacancies that they needed to fill right away- at the beginning of COVID. It took them most of March but they all found tenants. Two moved in at the start of April and one moves in next week. They had to price the rentals slightly lower than they would have liked to fill the vacancies and it worked. These were in the Northside but I think price is key everywhere. Tenants need incentive to move (unless they have to) If it seems like a good deal they will be more inclined to move. Best of luck.

Jordan Moorhead · Answer

@Amrit Babu one of my tenants in East Austin emailed and found a roommate to move into the 3 bedroom house they're renting to help cover rent, pending my background check. Their responsibility made me feel good!

Have rental applications slowed down for you during quarantine?

Have rental applications slowed down for you during quarantine?

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