COVID + Winter Vacancy Problems

[Chad S.]

I know now is a tough time for vacancies due to the time of year and also with not as many people wanting to move during COVID. We have a vacancy in Rogers Park now for 3 months and a vacancy in Noble square for 2 months. We've lowered the price $100-125/mo. We are listed on:
-Domu
-Zillow
-Craiglist
-Apartments.com
-Zumper
-Facebook Marketplace
We have always had strict credit score requirements of 700+ and won't budge on that. Are other members having similar issues? Do you have better luck with other listing sites or strategies? We also bought a 3rd building, a 3-unit in Portage Park where we live now (just got the place empty and moved in last week) and will have 2 other vacant units ready to list this weekend. In total we'll have 6 vacancies in 9 units and really need to get them filled.

[John Warren]

@Chad S. I am all for strict screening, but you should lower that credit criteria a bit. Someone with a 640-660 credit score can buy a home using FHA so when times get tough you will have a lot of trouble getting renters with such strict criteria. For larger apartments I own, I will go as low as the low 600's as long as the income, job and land lord history all checks out. Again, we all want people with perfect credit, but at the end of the day the default risk is super low once you hit the mid 600's.