Advice on getting a single family home rented in October

[np2016]

I have a 4 bedroom single family rental home in a nice Columbus, Ohio area suburb for rent. The current tenants lease expires in October which I cant change.

The current tenants are downsizing with their children going to college. Great school district, quiet cul-de-sac, 2200 sq ft plus home with a huge fully finished basement with half bath, granite counter tops etc. I have it listed on zillow, trulia, realtor.com, turbo tenant, craigslist etc with plenty of pictures for the past 40 days. I had dozens of calls when first listed online but they all needed the house right away before the school season started in August which was not possible.

I have reduced the rent once already any suggestions on how to get it rented to a qualified tenant? I have had multiple showings but no further interest. The rent being asked is fair and what I have gotten in the past.

Any advice or suggestions?

[teqp]

Have you tried to use a realtor to help find a tenant? That could be an option since they can place it on the MLS. I have used a realtor to vet the potential tenants. They also can show the property to prospective tenants. On my rentals I have had it where I have found the tenant and other times where the realtor has found the tenant.

For tenants with school aged kids, summer is the best time if they want to switch schools. To try and time to have a tenant in October will be hit or miss. You just need to be patient and make sure you get the right tenant and don't settle for a tenant that doesn't meet your criteria.

Good luck.

[raky]

Perhaps the rent is too high? Have you run the comps? Even if it is what you have gotten in the past, maybe the market has changed. Remember that each month of vacancy eats away at any potential return. You may consider dropping it slightly below market to get it rented.

[np2016]

Thanks Teqp. I had a property rental individual I used in the past but the quality of service provided was getting worse year after year when I would ask current tenants their feedback. All the individual was doing was listing the home on the exact same websites i have done already and wait for hits. Most of the time this individual would not even do the showing. They would just have the current tenants show the potential tenants the home to save time and effort since they had multiple listings to get rented.

[teqp]

Originally Posted by np2016

Thanks Teqp. I had a property rental individual I used in the past but the quality of service provided was getting worse year after year when I would ask current tenants their feedback. All the individual was doing was listing the home on the exact same websites i have done already and wait for hits. Most of the time this individual would not even do the showing. They would just have the current tenants show the potential tenants the home to save time and effort since they had multiple listings to get rented.

That can happen if you get a crappy property management company to manage your rentals. I manage my own rentals, but use a realtor to list the rentals on the MLS and to show potential candidates the property. In the end, I review their information and determine if they are the right fit for the property. As mentioned, even though the real estate agent is trying to find a tenant, I am still searching on my own.

You can always check local sites including Craigslist to see if you are in teh ballpark on the rent asking.

[1st amg]

If you are not getting enough hits, you need to make some changes on the ask. If you are trying to squeeze the extra 100 dollars, if you don't rent it for October, you lose way more than 100. You will never make that up the month it stays empty. Good luck

[Chewbacca]

Post the actual ad for the space and we’ll help.

It’ll say more about why it may be passed by prospects.

[tbonesteak]

MLS is useless for a rental.

Here is the thing, most renters are "low-funnel" by nature, much different animal than a buyer. The average renter looks and has moved within 8 weeks, so now might be the time to start looking for traction. The higher the HHI, the less time they spend in this funnel.

Your key issue, which you're already aware of is timing, and October is a bad time for a single family rental, as most people looking for those have children and would prefer to move before the school year starts.

Keep plugging, maybe drop your price by $100-$200 if need be. Better to have filled for the entire year than lose two months.

GL