Is length of property vacancy a negative for you?

Is length of property vacancy a negative for you? by NY LL (NY) on June 5, 2012 @16:30

I read reading a housing board and noticed a thread that said a LL had more difficulty renting his apartment out when vacant, than when occupied because a potential tenant would think "ohh this unit has been empty for 5 months, something must be wrong with it- or this LL is a wackjob."

I was wondering how true is that? I have a 1 bedroom apartment that wont become vacant until July 31st. My current tenant gave me notice in mid April of non-renewing the lease (this tenant has been there 4 years), and I immediately placed an ad on several sites (Craigslist) and so far I have had some mixed reactions..Some are not interested because it "wont be ready until August or so".

I would have hoped a tenant would want to "lock in" their new lease before the current tenant moves out...But I am afraid none of the tenants I have met meet my rental criteria (most have terrible credit histories, or cant cough up 2 months security deposit, or refuse to fill out my Rental Application for the background check).

I am wondering how long I should expect to have my property sitting there empty once July 31st comes around. I do not want to lower my standards and just "take anyone" for the sake of getting rent money..But I am very worried at what point does a vacant unit HURT a LL?

Anyone know? Does it even factor in potential tenants' minds?

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Re: Is length of property vacancy a negative for you? by Anonymous on June 5, 2012 @16:51	[ Reply ]

Get better reading material. You have no idea what to do do you?

Re: Is length of property vacancy a negative for you? by Anna Mouse on June 5, 2012 @16:53	[ Reply ]

If I understand right you are available July 31st? While advertising early is a great idea I have determine that 4 weeks prior to being empty is about the sweet spot. That said advertising even 6 weeks out is a great idea. What you need to do is make up a screening letter so when someone write in requesting a showing you get their information i.e. income and credit. In that letter you tell them that the property will be available X date and will be contacting qualified persons when the date nears. The people who write in that are indeed qualified from your questions should get a call back immediatly so they know you will be contacting them when you are ready to show. In my experience showing my property empty and clean rents it. Any showings I do prior to that is a waste of time. For some reason when someone walks into the kitchen and sees the beautiful slab granite with food stuck on it they miss the granite and focus on the dirt. Even if the property is clean I feel the current tenant can cause you grief. By advertising 6 to 4 weeks prior to being empty, as the time nears for it to be vacant, you will start receiving qualified inquires. I think this happens at the 4 week mark. Problem is if you talk to all of the people you will wear yourself out. Make up a questionair to do your screening for you. I also know for a fact that your are not losing any qualified people by asking them for the information. The qualified people have no problem answering your questions. Ideally you will set up a situation where you have the opportunity to pick the best person.

Re: Is length of property vacancy a negative for you?

Re: My letter :)

Re: Is length of property vacancy a negative for you?

Re: Is length of property vacancy a negative for you? by Anonymous on June 5, 2012 @17:53	[ Reply ]

Why would tenants want to waste time looking for places many months in advance when the vast majority of units are advertised much closer to availability?

Re: Is length of property vacancy a negative for you?

you're correct

Re: Is length of property vacancy a negative for you? by Patse (IL) on June 5, 2012 @21:40	[ Reply ]

it's better if you create a FB page with pictures of he rental and have all potential applicants read your criteria required befoe wasting your time and energy with CL expect to have rental vacant at least the month of August. You could need time to paint, clean carpet, fix things if the T was there for 4 years this way you can show a vacant unit without T's crap cluttering up the place - new renters want to visualize their stuff in there. you can give a short list with photos of the apt and the things you plan on fixing/cleaning before hey take the rental good luck

What I do by Julie in PA on June 6, 2012 @07:09	[ Reply ]

I have given up showing apartments while they are inhabited because even the neatest tenant is packing and the place always looks disheveled. While the apartment is vacant I take a bunch of photos with a wide angle lens and then a video walk through with me narrating. I start out on the curb of the building, walk up the stairs and into and through the apartment. I do this for each apartment as they become vacant and I save the files. Then, when someone gives me notice, I post my vacant photos and video so that the prospect can see what the place looks like without having to go there. I usually have 3 or 4 qualified prospects ready to see it right after I clean and paint. While I'm advertising on CL if I get an inquiry, I respond with this email: Hello! Because I don�t live in town, I do a preapproval questionnaire in advance of showing the place� Who will live in unit? Where do you live now? Have you ever owned your own home? Will you get a good reference from your current landlord? Where do you work? How long there? Net monthly income? Other monthly income? ever been late on your rent? ever been evicted? how is your credit? Bad? Why? Broke a lease? Smoke? have pets? Thank you, if they respond positively I make an appointment to show the place. Occasionally I show the place if a neat tenant is moving out but I usually wait. I have gone MONTHS without a tenant. No tenant is better than a bad one. I don't allow pets or smoking. I'll take someone with bad credit and a good job but not pets or smokers. Those odors are hell to get rid of. Not worth it for me.