Portland landlords may have a hard time renting out their properties, even though we are in a strong rental market which is a benefit to landlords and a challenge to tenants. Finding a place to rent in Portland has become increasingly difficult for many tenants. In fact, new laws were recently passed to give renters more time to find a place in this tight market. So why isn’t your own rental property renting as quickly as you expect it to?
Perhaps the problem is that you aren’t receiving any inquiries. If that is what you’re experiencing, the best thing you can do is to market the home more aggressively. Make sure your listing is visible to as many prospective tenants as possible.
Pricing and Policies
Maybe you are receiving a comfortable number of inquiries, but no one is taking the next step to schedule a showing. The problem could be your asking price. It might be too high. The problem could also be with some of your rental policies. If you don’t allow pets, you’re going to disqualify a large part of the tenant population. Perhaps the location is working against you, especially if you aren’t in a good school district or close to what tenants are looking for in a home.
If you’re receiving interest in your property and you’re showing it to those potential tenants, but the folks applying do not meet your qualifications to rent, you may be asking for too much rent. Remember that less qualified renters have fewer options than well qualified renters, and they are willing to pay more. So, while you may be experiencing interest in your property, the more qualified renters are finding better values elsewhere, leaving you with applicants who just don’t qualify. Make your price more competitive. All landlords want to maximize their rental income, but you can inadvertently price yourself out of the market. Even in a hot rental market there is a ceiling at which many renters cannot afford to pay the amounts asked.
Another reason you may not be receiving qualified applications is because of the condition of your property. Does it show as well as it possibly can? Many landlords want to wait until they find a tenant before they clean and paint. This mindset will cost you more in vacancy loss than you realize. Tenants are consumers, and they want to see what they will be getting before they spend their hard earned dollars. Make sure your property is in excellent condition and move-in ready.