Best way to rent out a condo?

Shooby_IHB

Shooby_IHB

New member
I'm trying to rent out my current place before I move into Camden Place January 1. I've posted ads on Craigslist, will get some responses, but when it comes time to schedule an appointment to view, they never respond anymore.



I asked a RE agent and the rent I'm asking for ($2,000) is market value for a 1000 sq foot condo in Irvine.



I was thinking about Hiring a RE agent, but I saw that they just do the same thing and post on Craigslist. Any suggestions??
 
<p>Which community? Garage is attached? Two car? Condo is upgraded?</p>

<p>$2k is not outlandish but it's not competitive either. Setting the rent high guarantees a very thin stack of applications. Wouldn't it be nice to have several prospective tenants with high-FICO's and cash in the bank tripping over each other on the same day to rent your property? <strong>Lower the rent.</strong> </p>
 
Well, I'm trying to rent it out so it covers my mortgage and HOA fees.



Its in Paseo Westpark , two car garage detached. I just put in new wood floors, so I thought I could rent it for a little more than IAC apartments.
 
Is it 1BD or 2Bd? Either way, $2000 isn't competitive. You're not IAC. You're a private landlord, you will need to have a place that is much better than an IAC apartment, that you rent for less than and IAC apartment.
 
Does it have granite? Does it have crown molding? The problem is your rent is to close to IAC rent. They control the market. I just looked at a 4th floor at Villa Siena yesterday with high ceilings for $2047. It was nice. However, I currently live in a Woodbury fully upgraded apartment at 1900. I don't want it because it does not have granite. Its really hard to compete unless you can beat the price or have amazing ammenties. I used to rent private until I moved into IAC. Go tour some of the apartments near you and see if your price is right.
 
No, it doesn't have granite, the main selling point are the upgraded hardwood floors, stone tile and new upgraded carpet throughout. It also has enclosed garage, which I believe IAC doesnt offer, and less restrictions monetarily to move in, just a basic credit check.



Its a 2 bedroom, with washer/dryer in the unit and appliancees included. I'm guessing i should lower the rent lol
 
<p><a target="_blank" href="http://orangecounty.craigslist.org/apa/477623805.html">Is this it</a>? Tenants don't care what it takes to cover your mortgage and HOA dues. There's obviously a problem if you aren't getting solid applicants. This is also the slow time of the year so rentals on Craigslist are stacked a mile high. You are also priced only $400/mo under 3br single family homes. </p>
 
<p>Eff, nice looking place. $1500.</p>

<p>Seriously, a max of $2000 rent with 2bd min shows 1339 places in Irvine. Lower it to $1500 and it's 41.</p>

<p>So, compete against 41 landlords or against 1300 landlords.</p>

<p>At $1705 it's 400 places for rent.</p>

<p> </p>
 
<p>I found your ad on craigslist. It looks like it's priced failrly for what's included. I just think your timing might be off. I don't know about everyone else, but I definitely have planned not to be in the transition of moving during the holiday season and new years.</p>

<p>You can advertise to the UCI students as January would be the start of their new quarter. Now you have decide if you want to rent to students.</p>
 
Haha wow you're good, you found my ad fast. Yeah that's it. I've gotten one serious tenant, but she hasn't had "time" to come by and look at it. doesn't seem like the urgency is really that high.



I was checking out rental places, a lot of hte nicer places are going for well over 2K. Perhaps the rent is coming down? I thought it was currently a renters market with all these foreclosures.
 
This time of year is the worst time of year for rentals. If you want to rent it out before the spring, LOWER the rent. Or, you can wait until Spring, and maybe you can get $2k a month. Of course, you will have more of a sense of urgency by then, and you may still have to lower the rent. Just think 4 months at $1800 is $7200, and 4 months at $0 is $0. Or look at it like this if you rent it out right now for $1800, in a year, subtracting the $200 a month loss would be $19.2k. Having it not leased for 4 months -$8k, but after a year of it rented at $2k, would be $16k. Smart money would lower the rent, now.





<em>I was checking out rental places, a lot of hte nicer places are going for well over 2K.</em>





Are they listed for rent, or actually rented?





<em>Perhaps the rent is coming down? I thought it was currently a renters market with all these foreclosures.





</em>Why, seriously, why would foreclosures have anything to do with the rental market? This is one of those absurd strawman bullet points from the REIC. If someone has gone through, or is in foreclosure, are you going to rent to them? I do not think you would want to rent your condo to someone who hasn't made a mortgage payment for the last 6 months. I mean, you want them to have a FICO above 680, and not 200 points below it.





Yes rental rates will come down, foreclosures equal less demand, not more.
 
so graphrix, where are the residents of those foreclosed homes going? IR and I had a discussion about this, and he also seemed to think that there wouldn't be a rental crunch. Since both of you see something I don't, edumacate me plzkthx
 
<p>I just bailed on a 2:2 up for sale in now on Redfin. Owner is panicked and wants out. Like the guy and wish him the best of luck. Paid 1550 a month for this place. 2000 seems a bit much. Have house in LB on the water for 2200 now. I will wait</p>

<p>http://www.redfin.com/stingray/do/printable-listing?listing-id=1243641</p>
 
The $ 2000.00 is high. I live in Quail Ridge. You can get the 2/2 with granite. Larger Bath Rooms for just about that price. And thats IAC. I would go to $ 1750.00 and get it rented before the holiday. Or its going to be 2008 before you get a bite. And I just went and renewed my lease at IAC. They raised my rent $ 10.00 a month. So rents are not rising at least at this property. Also it seems the vacancy is higher than last year. Lots of parking late at night is a big clue.
 
bltserv


<em>


They raised my rent $ 10.00 a month. So rents are not rising at least at this property.





</em>Isn't that the norm with the IAC. If you renew they only up your rent a couple bucks...not market rent?
 
Personally I've had terrible experiences with IAC, and would rather pay a few extra bucks to rent from a Non-IAC community. Plus you don't get upgrades like flooring, washer/dryer, garage, etc. I think I'm going to lower the rent to under $2,050 more around $1900
 
<p>Not sure about the increases with IAC. A couple of my neighbors got hit with larger increases. There may be other issues with those increases. But the new units at Woodbury looked like a better deal. But moving and staying close to the 133 and the Spectrum kept me for at least 8 more months. I think as long as you are always on time they do the $ 10.00 trick.</p>

<p>My IAC has all new appliances, granite, berber, crown, fireplace, salt pool, attached 1 car garage. Not bad other than the noise mitigation from upstairs.</p>

<p> </p>
 
bltserv....I thought I read that in the contract but could be wrong. I am in one of the Woodbury complexes and I have all the upgrades as well. Gas range, side x side refer, crown molding, granite, salt pools...etc.





Our intention was to stay here b/c of the minimal increase in rent and if you buy from an IC builder they will work things out with you on the apartment lease that you are breaking.
 
<p><em>I think I'm going to lower the rent to under $2,050 more around $1900</em> </p>

<p>It won't rent. There's literally 1000+ 2bedrooms for rent at or below $1900 in Irvine.</p>

<p>You're doing exactly what the sellers are doing, chasing the market down. You lowered it $150 on a $2050 rental. Whoppie, 5%.</p>

<p>Do the math, make it $1750 and get it rented. Or get it sold, one or the other. If the $1900 price tag causes it to sit empty one additional month, how long does it take to make up the lost $1750 month of rent? One year, about what your $1900/month renter will stay.</p>

<p>If $1750 won't cover your expenses sell. Sell now. In fact, if $1500 doesn't cover your expenses, sell now. Not because I think $1500 is what you'll have to take, but because the incidentals will make $1500 be what you have available for covering mortgage, HOA, taxes, etc.</p>

<p> </p>
 
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