Monday, June 04, 2007

The Rental Saga

Our place still isn't rented yet which is a little disconcerting. We have shown the apartment to 4 different groups. Every single one of them requested an application, including one that indicated they would definitely send one in. But, we haven't received anything yet. I think we'll put a sign in the window this week.

Two groups said no- one had 2 kids and chose another place. (and called us to let us know,which was very nice.). The second, our top choice (an engaged couple where one works, and the other will be a resident), declined to rent because (1) we didn't offer a parking space and (2) he cited rents in the area that were $150 month less than what we are asking.

I sent him an e-mail asking for more information, as I have not seen comparable properties for that much less. We have priced it a little higher then some, but there are apartments higher in the area as well. I saw some rentals that were in a more questionable area for less, but I don't think those are comparable.

In the end, I think the lack of parking space was the issue that really prevented that applicant from considering our apartment more seriously. We'd be willing to compromise a little on the price for the right tenant. (not $150/month worth though-as everything I've seen is much closer to our asking).

Parking isn't a problem on the street. Most people who actually have garages seem to park on the street as it is plentiful. We have a number of elderly and people without cars. If we had a working garage door (that didn't need to be slid open) and electricity in the garage, most likely Glenn would use the garage.) In the winter, the alleys aren't plowed, so with a big snowstorm, it is even harder to get around if the car is in the garage.

Yesterday we showed the apartment to two incoming medical students and their parents. Our unit is best for a couple due to lack of comparison in the bedrooms, but they did seem fairly interested. (and took applications)

I fielded an inquiry for a gentleman who wanted a place for him and his wife. near the end of the call (after I was selling the room under our bedroom as a bedroom) he mentioned that they will have their first child in September. Definitely not something we would like right under our bedroom. I left a bed in that room and have been positioning it for non noisy activities in hopes that will improve the living situation.

On the positive, we seem to be attracting good people. Now, I just need to expand the marketing plan.



Anonymous Anonymous said...

I've always used Craigslist and had very good luck, its nice because you can add pictures ...

My achilies heal is not having laundry facilities in my building, big mistake when I remodeled, your parking situation should be somthing easy for tenants to overlook cpmpared !! Good Luck !! Bill

June 04, 2007 3:39 PM  
Blogger Christina said...

We've only advertised on craigslist so far. We've had a decent amount of traffic. We get plenty of compliments and as I mentioned, everyone takes an application. (I've given out 8 so far!) One of the compliments was on our ad.

Last time, we got our tenants through a sign in the window. (that generates a ridiculous amount of interest, so I was trying to avoid it)

June 04, 2007 3:59 PM  

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