Trouble Renting Second Apartment
Hi:
I just moved to Tampa, FL from Chicago. I have a two flat on South Side Chicago, not the greatest area, but an upcoming area. Well I'm having trouble renting my second apartment which is killing my cash flow every month. When I first bought it I rehabbed it and rented it out, but had to kick one of the tenants out because of them causing trouble, ever since than I've had hard time renting the apartment. I would appreciate any suggestions, I have a property manager, but he hasn't rented the second apartment, and by me not being there it is hard to know what is going on.
Thank you Goce
I think you need to uncover what the root-cause is as to why it is not rented and correct it. What does the property manager say the reason is? What do you think the reason is?
Price? Slow market? Area? Size? Layout? Lack of or ineffective marketing?, etc.
Without knowing the details of your situation and your market, its hard to give solid advise. From my experience, I'd say 90% of the time its a combination of poor marketing and pricing outside the going market.
If your PM is experienced, he should be able to provide a detailed rental comp analysis that would determine if the asking rent is too high.
How is the property being marketed? Think about marketing as more than advertising. This ones worked for me in the past....Give away a FREE TV to a tenant who sign's a 1 yr lease and work this into your advertising. Spending $300 on a TV, and getting a tenant ASAP versus eating another $1,000 (or whatever the rent is) in lost rent is simple math.
Good Luck, Mark
I want to thank you both for the great responses, I believe is the price that I'm asking for the apartment, the area and mainly the marketing. I have only advertised on newspaper and put for Rent sign outside, are there any other ways that I can market, without costing me thousands. I like the idea of the TV. thanks again any more ideas would greatly appreciate. P.S. I forgot to mention that I also have the building for sale so I don't know if that is why it is hard renting it. Thanks
Goce