Vacancy disucssion NE Edmonton

[Dan_Eisenhauer]

I have a 4plex in Beacon Heights that has had a 3 BR, 1,200 SF apartment, newly renovated, vacant for 3 months. It is located across the street from an elementary school, in a quiet neighbourhood. Rent started @ $1,300, but is not on the market for $1,095.

We originally included a garage, but have backed that out at the lower rate.

I would like some feedback on rental rates and marketing times for that part of the city. Do you think adding a portable dishwasher would make a difference in that part of town?

Thx for your input.

 

[ChrisDavies]

I don`t think a dishwasher will make a big difference. Are you just not getting many calls or are people balking at the cost when they call?

Brent posted some results of a test we did and not every website seems to be doing as well as you`d expect. Try the Edmonton Sun, Home Trader Rent Faster and maybe Rent Board.

 

[Nicola]

QUOTE (Dan_Eisenhauer @ Apr 27 2009, 01:48 PM) I have a 4plex in Beacon Heights that has had a 3 BR, 1,200 SF apartment, newly renovated, vacant for 3 months. It is located across the street from an elementary school, in a quiet neighbourhood. Rent started @ $1,300, but is not on the market for $1,095.

We originally included a garage, but have backed that out at the lower rate.

I would like some feedback on rental rates and marketing times for that part of the city. Do you think adding a portable dishwasher would make a difference in that part of town?

Thx for your input.

Do you allow pets? It might help.

 

[dgbourne]

We have been able to fill all of our suites in the NE within 2 weeks, even our basement suites. It seems you are in the ballpark for rent. Again it is hard to verify as it depends on the condition, the other tenants, the area condition, heating costs etc etc.
I would get a feel for what perspective tenants have said why they did not rent. We would call back a day or so later and ask what they thought, and the good ones, what would interest them to rent it. It may be as simple as price. Sometimes the tenants needs to feel welcome, and what better way than to make a followup call!
If you are using a PM company they usually do not do any followup (our experiance), so you may need to do it on your own.
Another point is vacancy, reducing rent by another $50 or $100 to a good tenant, is better than having it vacant another month. You can always increase in a year.
My thoughts,

 

[JeffSmith]

Hi Dan,
I think your price of $1095. is to low. Bump it up to at least $1200 for a 3 bedroom and hit all the appropriate websites hard for 30 days.

 

[Judi220]

I agree with Jeff. I reduced my 3 bedroom from $ 1250 to $1200.00 and I had a greater increase in interest. I also wondered if it was now too low. I came to the same conclusion as Jeff, better to have reliable long term tenants without any vacancy time and readjust the rent next year!
Best of luck, Dan,
Judi