Posted by Nate(DC) on July 01, 2003 at 18:32:55:
Idea #1: Rent them Section 8, most Section 8 applicants look at junk in bad areas, they would be thrilled to have a nice house in that area. Besides, part of your rent is government guaranteed.
Idea #2: Cut the rent.
Idea #3: To save yourself some time, tell people the address and have them drive around the area and look at the unit BEFORE you show it to them. That way the only ones you show it to have already seen the area and pre-qualified themselves, as the ones that don’t like the area won’t call back.
Idea #4: Charge your regular rent, but offer one month free.
Idea #5: Charge a reduced, or zero, deposit if the applicant is a “quality” applicant (good credit, employment, etc.)
Idea #6: Stress how good the security of your unit is (it IS good, right?)
Idea #7: Try to get your area perceived as somewhere “hip and edgy” as opposed to “dangerous”. Maybe hard to do on your own, as it requires additional stuff going on (any nightclubs, bars, etc in the area?) besides just housing.
Idea #8: advertise in the gay newspaper, if there is one in Baltimore. Here in DC there are several neighborhoods that are now rich yuppie areas, but used to be blighted inner-city; the first rich people to move to the area were mostly gay (for one thing, fewer gay people have kids, so they don’t care about the schools). I am thinking of both Dupont Circle (20+ years ago) and Logan Circle more recently.
Also - be aware that it’s always possible that you over improved for the area, and if that’s the case, you’ll just have to tough it out until the other areas around you improve or you get enough “critical mass” of yuppies in your area.