Re: Poor Economy homes not renting - Landlord Forum thread 328879

Re: Poor Economy homes not renting by MrDan (Georgia) on December 19, 2014 @18:02

I believe you can find a solution to your rental problem.
Using information from the US census;

Compared to apartment dwellers, single-family renters value neighborhood features important to children, such as parks and playgrounds (65% to 71%), good schools (72% to 82%) and safe neighborhoods (97% to 98%).

Most single-family tenants are older, aged 35-44 (53%) compared to 14-34 (46%) and 65+ (61%) for apartment dwellers.

Single-family renters make more money and are nearly twice as likely to have children as apartment dwellers. Median income for a single-family renter is $75-100,000 (66%) versus $50,000-75000 (51%) for a multi-family tenant. Single-family households are larger; some 65 percent have three or more members compared to 32 percent of apartment households. Some 63 percent of single-family households include children; only 34 percent of apartment renters have children living with them.

Older homes often have larger rooms, fenced yards, garages and are located in quiet Old/Historic neighborhoods, near schools and parks. If your homes are like this or near schools, parks or entertainment, advertise these facts. Located near great schools and parks, reach out for families to rent. Close to downtown business and entertainment areas, young couples or empty nesters are a good source.

One trick I do is leave business cards in the small coffee shops or eateries located in office buildings. Other places would be to contact Human Resource Departments at near by business's. Even car Dealerships and Book Stores have been a great source. Since you have more than one property, talk to the other tenants about referring future tenants. Offer bonus to rental agents if they bring tenants or to your friends and neighbors.. If you live close to a college, work with their housing department. You've got to advertise where your market is. If there is a local neighborhood paper that everyone uses to find a rental property, advertise there. PTA associations are another source. The point is , you have to go find your tenant that fits what you have to offer. And what you offer has to fit their needs.

On the other hand, your rental property should shine in comparison to other properties that prospective tenants are considering. If you don’t know what those other properties look like, you should spend a few Sundays looking at them. If your prospects think they’re getting a great deal, they’ll rent from you.

Tenants know what fair rent is so if you are priced too high – the quickest way to fix it is to simply reduce your rate. However, you don’t want it too cheap either.

A huge mistake many landlords make is they have a “here’s the place… take it or leave it” mentality and they wonder why they can’t rent their places out! Don’t just show a place or tell someone about it on the phone… SELL IT. Talk about the benefits to living there, the great customer service you, as the landlord, provide, and why your property is the best property on the rental market.

Oh, Single family home tenants are 25 percent more likely than apartment tenants to stay in their current homes five years or longer. Offer a 13 or 15 month lease, or perhaps the 13 month free with renewal. Set yourself apart from the others and good tenants will respond.

Hope this information helps, I've always been astounded by the odd places good tenants turn up from.

[ Reply ] [ Return to forum ]

Re: Poor Economy homes not renting by Barb (NC) on December 19, 2014 @19:47	[ Reply ]

Very Informative thank you