How long does it usually take to fill a small apartment building?

Question

I'm looking at buying an 18-unit apartment building that's recently been renovated and hasn't been advertised for rent. I'm trying to estimate how long it will take to get rented out with a good property manager. It's in a small town with a population of just under 3000. There's not much currently listed for rent in the area. Thanks for any input.

Samuel Coronado · Answer

I run all the same way in all my markets. I like targeting what I would call secondary or tertiary markets, because the lack of supply and the lower competition. Facebook is how I do it with a screener Google Form. I emphasize this is not an application as then I would have to formally reject people and give reasons why. Only after they have been screened and seen the property in person can they apply. My listings don't last longer than two weeks. 3,000 is a bit on the small side, but if it's an older crowd Facebook will be the way to go.

Michael Smythe · Answer

@Kaleb DeCook depends on supply & demand!

Also on the time of the year. Real estate overall is slower during winter than summer.

Adam Bartomeo · Answer

It is probably going to take you a year or so to fill 18 units if you are at market rent.

Alecia Loveless · Answer

@Kaleb DeCook I’m in a town of about 2400 and have people banging down my door to rent any unit I have available. I have a lease ending at the end of the month and have had my pick of 4 tenants all begging to rent from me.

I think it will depend a little on local markets. If there’s a housing crisis where you live I would expect you can get it full of good, quality tenants in about 4 months.

Dustin Tucker · Answer

Hello Kaleb,

Years ago, I went to a Mobile Home Park University seminar, and I remember a very similar question.  The answer is to put an add on Zillow, Craigslist, or anywhere else, where you can see what the market is.  Once you run your add for a week, you can see how many leads you have and can create a proforma for how long the lease up will take.  P.S. Use chatgpt.com to write an amazing add, its free.

How long does it usually take to fill a small apartment building?

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