Survey.. How Is Your Rental Market? Everyone Input Please!
Hello everyone. I love this forum, its like my personal assembly hall of mentors!
I would like to get a feel of how the rental market is in your area.
If you could for all the other landlords to read, please list:
1) Your market area
2) Market rents / type of rental (EG class B 2 BD apartment or 3/2 SFR)
3) Methods of advertising in your market that consistently work for you
4) # of responses, showings and time to typically fill a vacancy
Our Market...................
1) Salt Lake City, Utah Mid -Low income areas
2) $525-$590 1BD, $575- $700 2 BD Class B apartments 1 months deposit + 1 month rent to move in. (Some offering only $300 deposit, but we are picky.)
3)Exclusively Craigs list online, yards signs seem to only attract undesirable tenants in our area.
4) Typically 10-15 calls, 5 or so showings, 2-3 weeks
Thanks for your input!
Nathan
1) Columbus, GA and Phenix City, AL
2)Columbus market rent: 2/bed 2 bath- 750/month mid range area, 1000 higher, 450 low end.
3/2 in bad part of town market is 650-700 (mine rented for 595 non Sec 8/HAPP tenant, should have went with sec
Phenix City: 2/bed 1 bath duplex 545/ side /month
3)paper typically (I use a management company since I live out of state). Market is pretty good here because there is a large military base here 100k plus troops and employees on base, AFLAC headquarters, synovus etc.
4) again I have 5 units fully occupied, 2 units were previously rented for 5/4 years prior to purchase and the other units rented prior to completion of renovations so pretty quick. Only had an issue with one tenant in not so good part of town who was late with rent a few times and complains about ALOT.
1) Northerm Rhode Isand
2) 1bd = 550-600, 2bd = 650 - 700, 3 bed = 800-900 (5+ unit properties)
3) I agree with you, craigslist is the only way, paper too expensive, yard signs = deadbeats
4) 10+ calls/week = 3 showings/week = 1/10 passing application = about 1 month to rent (I am very picky but I have had no evictions this year)
Regional = lots of rundown builidings 100 yrs old and 17% of mortgages in RI in forclosure. Well worth investment to keep units in nice condition to differentiate. Lots of demand for apartments and increase in quality of applications due to more difficult for home buyers for mortagages. Night club fire with Great White band a few yrs back has caused fire coding laws to become outragous and expensive.
i`m getting ready to rent a 2 bed condo that i renovated there is a lot of competition for tenants right now. I noticed a slight drop in rents which is something that didnt happen during the early 90`s so its a little scary i am asking 1300.00 and that is top end of mid grade rentals. CMILLER have you noticed any drop in R.I . I will be buying New Bedford late august early sept
and the rents range from 385 to 1000 for the same type of unit
old timers every where with no mortgages tough to compete against i advertise in paper for rent open house
held for two days 4 hours each day usually get 20-25 each day
15-fill out apps i ask for 1st last and security +credit check no pets on all no smoking on some