30% Vacancy Rate on 40 unit Apartment Complex Need A Leasing Expert

[Arkadiy Iliyayev]

I originally bought this 40 unit apartment complex in 2021 in Nw huntsville, Alabama and since then we've maintained a sub 10% vacancy rate year over year. It wasnt until this year that people that moved out seemed to become impossible to fill. Right now we are at a 30% vacancy rate which is crazy. I currently work with Ace Management and Reality and have worked with them for 3 years now. Theyve done a great job with our units in the past but currently we are unable to rent almost any 1 bedroom units. They just cant seem to fill the units. These are 1 bedroom/1bath units, 650sq ft, priced under $700 a month so I dont think its competition from the newer buildings that cant afford to price rent so low.

We maintain the units very well and have recently renovated a bunch of them with lvp flooring, new cabinets, etc. So I dont see that being the problem.

Any advice would be appreciated. Please feel free to also send referrals for other property management companies in the area with a solid track record of filling these kind of units. Any help would be greatly appreciated.

[Caleb Bryant]

@Arkadiy Iliyayev section 8 is paying well for these right now, have you talked to them? They were paying over 900 for a studio last I checked