Renting During The Holidays
I currently have a unit vacant that I have been trying to rent since October 31. It is a 5 bed, 2 bath unit. I figured it would be difficult to rent such a large unit, but before the last tenant moved out, I ran an ad in the local paper and got lots of interest. After showing the unit to 3 perspective applicants (with appointment of course), the tenant became agitated and asked that I wait until they moved out so show the unit. I know it is my right to show the unit, but I conceded anyway.
After they moved out, I ran another ad and, again, got lots of interest. However, the previous tenants left the unit in such disrepair that no one would even fill out an application after viewing the unit.
Now the unit has been vacant almost a month. I spent a lot of money fixing up this unit and ran the ad again this past week, but I got very few calls. Do you veterans think that the problem is that no one is shopping for a new unit during the holidays, or is it that people have seen the same ad on-and-off for a month and ignore it now? I am now considering a "move-in incentive" using one of the suggestions I read on this forum to try and get this unit rented asap.
So I guess my question is: do people really move this time of year? Should I try to get a lease for 6 months instead of a year so that I don't have to rent during the holidays again?
Thanks for your advice.
Six month leases, at this time of the year, will get your renewal into a stronger rental period. There are always exceptions. For either a six month or 12 month lease, the rental market is usually slower at this time of year in most areas of the country..
I also have a vacant condo unit that has been available since Oct 1. There is a lot of competition right now, so my competing landlords in the same complex have been offering rental incentives such as one month free rent on a 13 month lease (13th month free). I jumped on the bandwagon and also made the same offer.
My property manager showed the unit last week to a couple who want it for one year. Instead of the free 13th month rent, they countered with a reduced rent for 12 months. Their total reduction is $300 less than the free month. The good news is that they move in on December 18. The bad news is that my renewal -- and a probable vacancy -- will once again be in December.
CommercialKing has said that he found more success using a free microwave as a move-in incentive than free rent.