This is a follow up to last week's blog on why using a Realtor to help find you a tenant might be worth your while. As the Rental Director here at Residential Properties, I can tell you it is crunch time for filling those apartments and the phones are ringing off the hook with people looking for apartments for August 1st and September 1st! The apartment hunters are out there. So, if you're not getting steady calls & showing requests, or if you are, but haven't gotten any bites yet, try some of these tips to get a tenant to take the bait! It's been working very effectively for me over the past 2 weeks. 1. Offer 1/2 month's security deposit as an incentive: If tenant moves in by September 1st. Lots of people are low on cash this season and keeping a little more in their pocket has huge appeal. 2. Consider reducing rent for longer-term leases: This is great for both parties. There are many grad students entering into 2 and 3-year programs who will likely prefer not to have to worry about moving out next year. To compensate for sacrificing a little on your monthly rent, you can get the security of knowing you won't have to worry about it either. I recommend reducing the rent by 5%-10% for a 2-year lease for adequate incentive. 3. Stay competitive: The market is continually changing as landlords are getting more motivated to rent their places. Check out your competition and be the best value. If you have a 2 bed apartment available in decent condition on the East Side, run regular Craig's List searches and call us here at Residential Properties to find out what similar properties are going for. 4. Don't inflate your rent to save room for negotiation: Many people search up to 'tiers' so if you're at $1250 instead of $1200, but you would take $1200, you are missing a large part of your potential renter pool who are only searching up to $1200. 5. Make your sign clear, noticeable and prominent: Apartment hunters are taking to the streets and writing down contact numbers from 'FOR RENT' signs on properties that appeal to them. Finding a place is a lot of work, and people are tired. If they can't see your number from the distance of their car, they are likely to just keep on going, which is one more missed opportunity for you. For more advice, contact me! Also I would like to know about your apartment, as I have lots of clients coming through my office who need a place!
Rental Feature for this week:
81 Dixwell Avenue Cranston, RI It's a 3 bed for $1500, single family home, 10 mins drive from Providence. Feels like home! Wonderful house for rent, just 10 mins drive from Providence. House is in perfect condition with lovely Colonial details. Hardwood floors, new windows, living room, dining room w/double doors to outdoor patio & fenced in yard. Garage parking, laundry, basement storage. Available September 1st.
