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San Antonio Real Estate Forum
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Updated about 5 years ago on . Most recent reply

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Heather H.
  • Rental Property Investor
  • Las Vegas, NV
98
Votes |
83
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Hi vacancy rate in San Antonio?

Heather H.
  • Rental Property Investor
  • Las Vegas, NV
Posted

For landlords or property managers in San Antonio, have you had a hard time filling vacancies recently? My SFR has been vacant since October and people are telling me that multiple property management companies are having a hard time filling vacancies. Is anyone else having the same experience? Further detail below:

I have a 3/2 SFR in Highland Park that had renovations finished in October, and it has been sitting vacant ever since. We were asking too much for rent in the fall, then I understand there being a slowdown at Christmas. Since then, we've been dropping the rent and are now $105 below the amount that I thought would be a realistic floor based on comps and on the opinions of a couple real estate agents who have no interest in the deal (comps taking into consideration location, size, and state of renovations of course).

I have a professional property management company that insists they are getting multiple showings per week and there isn't anything specific that potential tenants dislike about it.

This is my first property in SA but I've done BRRRR from out of state before and have had rental SFRs for 9 years. It's kind of disappointing that I managed the difficult part of the BRRRR strategy from out of state - the purchase and rehab - but am getting hung up on the part that should be the easiest.

Most Popular Reply

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Joseph Cacciapaglia
  • Real Estate Agent
  • San Antonio, TX
1,728
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Joseph Cacciapaglia
  • Real Estate Agent
  • San Antonio, TX
Replied

There are a lot of areas in San Antonio that are tougher to keep rented, but also many parts of town that rent very quickly. Before you buy, you should not just look at the rates of the rental comps, but the days on market as well. In most areas that we operate, we are filling vacancies in 21 days or less, when priced appropriately. One of the biggest problems I see investors make, is assuming you can look at the data for the city, or even the zip code, to judge how a specific property will perform. Imho, you should be pulling rental comps from your subdivision or neighborhood only. If you have to go wider than that, I would always assume some discount as a margin of error.

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