Posted by Michael on September 19, 2004 at 10:13:13:
Hi,
Is the rent competitive for the market place? What are other renters paying in this neighborhood? Have you considered allowing the tenant to pay the deposit in installments? Also, I would suggest setting up incentives in the rental contract, if for example $425 is reasonable rent - then set the price at $450 and tell the renter if paid by X date you will knock of $25 or so dollars.
Good-luck
Cant rent small home! - Posted by Briton (IN)
Posted by Briton (IN) on September 19, 2004 at 09:46:45:
I have a 650 sq ft home that i cannot rent.The home is very well taked care of inside and out. I have had it vacant for 2 months now. I have had ads in the paper and posted signs. I would guess i have had 60 calls, 10 showing, and its still vacant. Most of the showings filled out applications and then i either never heard from them, or they were no good. I am asking $425/mo included city water, sewer, and trash pickup. That seems reasonable. Another problem is no one can come up with the $350 deposit along with the first months lot rent! Anyone have any ideas to get this thing rented?? plz help, Briton (IN)
Re: Cant rent small home! - Posted by Tarheel T
Posted by Tarheel T on September 19, 2004 at 14:46:06:
Are you finding it easier to fill the small mhs in this park than the sfh? If so you might allow a good mh tenant to move into the sfh (an upgrade to them) if the rent is about the same or maybe just a little higher for the sfh.
Then you have the mh which you can rent more easily.
Just an idea.
TT
Re: Cant rent small home! - Posted by Anne_ND
Posted by Anne_ND on September 19, 2004 at 11:00:02:
Hi Briton,
One thing about stick-built homes: the market doesn’t lie. If it’s been vacant for 2 months you need to consider that the rent is too high. 650 sq ft is pretty small, and if I remember correctly, it’s in a MHP, so perhaps market rents for similar houses that are in non-MH neighborhoods are going to be higher. Just something to consider about the rent.
For my stick-built rentals I have a lease that offers a $50 “discount” for rent paid on time (by the 1st in my case) and then the rent automatically goes to full amount after the 1st.
Most people do not have sufficient cash for the full security deposit, so in order to move in my tenants pay the full first months rent (regardless of the date they move in) and then half of the security and any pet deposits. When they pay their next month’s rent, they pay the second half. In a few cases where the people had excellent credit but a cash crunch, I took a third of the deposits down and gave them two months to pay the rest.
If they are good tenants, they appreciate the flexibility. Just be sure to screen so that you don’t get deadbeats who think you’re a pushover. I’ve never NOT been able to collect my security deposits, but I turn down a lot of people.
Finally, consider renting to pet owners if you don’t now.
take care, Anne