What to do if unit doesn't rent?

[Rooks]

Hello everyone,

It's been a while since I've posted on here and since I began my roller coaster investment journey.

The last time I posted on here I had no rental properties, and now I own a 4-plex and a duplex in Windsor, Ontario, Canada.

In my 4-plex, I have 3 units rented out, and having a troublesome time renting out the 4th unit no matter what I try. Changed the colour, lowered the price, created deals such as 50% off last month's rent, etc. I still can't get it rented because the main feedback is bedrooms are too small.

My question is, if this was you, would you keep lowering rent until it gets rented? Or would you leave it vacant until someone rents it. I've been trying for about 2.5 months now and no one is taking it.

FYI i'm charging now $695+ utilities, have dropped the price from $725+.

Any feedback?

 

[Thomas Beyer]

What do similar located units with similar small BRs go for ? Is the location poor ? Who answers the phone ? Where do you advertise ? Kijiji ? Craigslist ? Local paper ? Sign on lawn ? Safeway ? Local university ? Did you ask a propective tenant who came by "What would you rent it for ?" Do you allow dogs [ many places do not and that gives you a competitive advantage and often a higher price even] ?

Did you get traffic but no one wants it ? Or do you get little traffic ?

Can you knock a wall out and make 2 bedrooms one and rent as a large oversized 1BR ?

Show us a link to your most recent online ad and folks can give you loads of ideas !

 

[Rooks]

Hello Thomas, the answers to your questions,

What do similar located units with similar small BRs go for ? Is the location poor ? ( rents can range from $650-$*00 inclusive and up, depending on how nice they are, but I must say I have renovated the unit and put money into it, shouldn't this at least give me decent rent? Because if not, I should have just left it the way it was and rented it to lower class tenants and saved my money. Also, I renovated it to only attract working tenants and filter out the ODSP candidates. The 4-plex is in historic Windsor area known as Walkerville, I was advised by the realtor that I use that all renters want that area because of the style of neighbourhood. The building is in a good area, alot of well taken older homes around it.)

Where do you advertise ? Kijiji ? Craigslist ? Local paper ? Sign on lawn ? Safeway ? Local university ? ( I advertise only on Kijiji, I wasn't aware that craigslist is even a major site in Canada. The local paper no one uses anymore to advertise, all the tenants are already aware that everything is on kijiji. I don't advertise in University since I'm not looking for students to avoid damage and partying and distracting other working tenants who need to seep during the night. Although I have had a few mature students come through but the building is far from the school and they want something closer).


Did you ask a propective tenant who came by "What would you rent it for ?" (I did not ask this, assuming they will low ball me right away since they already try to negotiate the price. I do ask if they have seen anything out there that they like and what the prices are going for and why they have not rented those places. Usually their answers are, "there's nothing out there clean", "we're not looking for sky rise buildings", "we want a good neighbourhood". Another thing is, if I do ask them what they would rent it for and they would give me a much lower price, how will it be fair to the other tenants in there paying more? I will have complaints about this)

Do you allow dogs [ many places do not and that gives you a competitive advantage and often a higher price even] ? (I allow pets if tenants are extremely responsible in picking up after them, references required)


Did you get traffic but no one wants it ? Or do you get little traffic ? ( I get alot of replies and visits, average about 2/day. The other units were the same story, I would have to go through about 50 visitors before someone takes a unit, most of the time I was lucky enough that the tenants were almost desperate because they couldn't find a clean place in a good area).

Can you knock a wall out and make 2 bedrooms one and rent as a large oversized 1BR ? (brought in renovators to look at even expanding each bedroom 1 foot each way, but it was a bad idea since the walls were support walls for upstairs unit)

the link to my latest ad: http://www.kijiji.ca/v-view-details.html?adId=1071509299

 

[Alvaro Sanchez]

I would say that it might be the market right now or marketing not inline with tenant profile. I checked your ad on kijiji and unit show really nice and clean. You might also check around as other might be way too low or not doing credit checks making more easy to get someone approved. Also try to identify who might be an ideal tenant for the unit considering the small bedrooms and just market to them.

Note: I would invest on having someone take better pictures for sure.

 

[Tina Myrvang]

Hello,
If you would like one of our Experts to look over your ad please send us the link to your ad to [email protected].
Have a great day!

 

[Alvaro Sanchez]

Tina,

Thanks for the offer but I am not the one who needs the help.

 

[Tina Myrvang]

Sorry Alvaro, still trying to get used to the new format.....

 

[Kjeck]

If I were you, I would probably advertise my vacancy on as much sites as I have found. Moreover, I would make post on different social networks and ask my friends to share this listing. If there still were no luck, I would hire a realtor to find a tenant for me. But I would never just sit and wait until someone rent my property. I heard about price negotiation platforms that allow tenants to submit custom offers for rentals online. You may try them as well.