Re: Edwin… - Posted by Edwin
Posted by Edwin on June 17, 2010 at 23:20:53:
John, if I understand you correctly, you’re having difficulty finding a tenant who has “his portion” of the first month’s rent? That is remarkable–and pathetic–because Sec. 8 is paying a portion–probably at least 30%–and the tenant cannot come up with the remaining 70??
Finding tenants has always been difficult for me, so I’m afraid I won’t be much help. I assume you’re advertising with the local Sec. 8 office. The other two methods that might work are yard signs, and classified ads in the cheap weekly newspapers like Pennysaver, etc. In my area Pennysaver costs about $75 per week, but I always get calls when I run ads in it trying to fill a vacancy.
Depending on who you talk to, the economy can either help or hurt you. Lots of people think that with so many homes being foreclosed, those former owners are going to need places to rent. Of course, most of those will probably not be Sec. 8 tenants, but they may rent places that makes it harder for Sec. 8 tenants to rent due to a diminshing supply. Yet you’re apparently not seeing any increased demand due to a diminished supply of Sec. 8 housing.
Others will tell you that although there should be more people trying to rent because of having lost their homes, many others are moving in with family and friends because they cannot afford to live on their own right now. Maybe they lost their job, or had their income cut through decreased hours, etc.
It’s tough to figure out exactly what the solution would be. It could be that the neighborhood is just not “good enough” to attract a decent number of applicants. You might call some property management companies and offer them a referral fee if they send you a tenant. They get calls and can’t help everybody, so they just mind send you their excess applicants.