HousingLink Blog

• Rental Apartment Vacancy Rates Are Quite High.

  2/16/2010 10:42:38 AM

  According to the Star Tribune, GVA Marquette Advisors calculated a 7.3% vacancy rate for rental housing for the end of 2009. There are several factors that could be influencing this high vacancy rate: The federal first-time home buyers credit, decreased home prices and the poor economy resulting in people "doubling up" or moving back in with parents. Unfortunately, as we look at the data, we don't anticipate a drastic improvement in the vacancy rate in 2010.
  
  So if you are a landlord, what can you do?
  

  • If your current tenants want to move out when their lease is up, attempt to renegotiate a cheaper rent with them. It can cost $500+ to turn an apartment over, not including lost rent due a unit sitting empty. It's cheaper to keep an existing tenant than it is to find a new one.
  • Offer special deals to new tenants such as free parking spots or a free months rent.
  • Create an incentive program that gives discounts to tenants who refer a friend to rent from you.
  • Check around to find out what other similar apartments are going for, if your unit is too high, it will not get rented.
  • Be extremely responsive when maintenance issues arise. Tenants really appreciate a landlord who fixes things quickly and are sometimes willing to stay in a unit if the landlord is good.
  • Find simple ways to show you care about your tenants -- write a hand written note thanking them for being a great tenant, send them a card or small gift on their birthday, have a pizza party for your residents, say good things about them on your Twitter or Facebook pages, give out free balloons to kids or create a message board where people can post times they've seen their neighbors doing something good.
  • Remember: Creativity doesn't have to cost a lot of money, but it does take a little bit of effort.
  • Finally, if you do have a vacancy, remember to list it for FREE with HousingLink!!!!

  These are just a few ideas to get your creative juices flowing. What are you doing to help keep vacancies low? Let us know.
  
  

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  Tips Landlord Vacancy

• Affordable Housing Vacancy Rates Declining, While High Rent Vacancies Are Up.

  2/5/2010 11:13:59 AM

  We all know the economy is in rough shape. Both lower income renters and higher rent landlords are feeling the effects of the difficult economy. Recently HUD reported that, nationwide, vacancy rates are extremely high, but vacancies in assisted rental housing are much lower than the national average. Unfortunately, as the economy continues to remain stagnant, fewer apartments are affordable to low income renters, according to HUD's latest report.
  
  National rental vacancy rates rose above 10.5% in 2009’s second quarter. However, vacancies in assisted rental housing were much lower. This highlights that the demand for affordable housing is still quite high. Project-based Section 8 vacancies were below 5%. Public housing vacancies fell to 9.5%. In Minnesota, Low Income Housing Tax Credit projects had vacancy rates of around 4%. Additionally, the report notes evidence of households moving in together to save on housing expenses. Nearly 12% of households that moved in 2009 did so to join another household. This is up from less than 10% in 2005. This “doubling up” is likely one cause of the declining market demand for higher rent apartments.
  
  It's been difficult for property managers to fill vacancies in apartments that have high rent, and this trend seems to be continuing into 2010. We will keep doing our best to help people find a quality, affordable place to live...even when vacancy rates are quite low for affordable rentals.

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• Landlord Tip: Avoid Discrimination When Choosing Tenants

  1/27/2010 11:01:32 AM

  Fair Housing Laws are very important to us at HousingLink. Fair housing laws specify illegal reasons to refuse to rent to a tenant, such as rejecting an applicant because of race, religion, ethnic background, sex, or because the applicant has children or a disability. In addition, state and local laws prohibit discrimination based on a person's marital status, sexual orientation, or age.
  
  Landlords are free to choose among prospective tenants as long as their decisions comply with these laws and are based on legitimate business criteria. For example, a landlord is entitled to reject someone with a poor credit history, insufficient income to pay the rent, or past behavior - such as damaging property - that makes the person a bad risk. Landlords must apply selection standards, such as requiring a minimum income and a good credit report, equally to all tenants.
  
  The Fair Housing Act prohibits landlords from taking any of the following actions based on race, religion, or any other protected category:

  • -falsely denying that a rental unit is available to some applicants
  • -advertising that indicates a preference based on group characteristic, such as skin color
  • -setting more restrictive standards, such as higher income, for certain tenants
  • -refusing to reasonably accommodate the needs of disabled tenants, such as allowing a guide dog, hearing dog, or other service animal
  • -setting different terms for some tenants, such as adopting an inconsistent policy of responding to late rent payments, or
  • -terminating a tenancy for a discriminatory reason.
  • -using discriminatory language when marketing vacancies.

  For more information about ensuring you comply with Fair Housing Laws, click here.

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• It's Tax Time In Minnesota.

  1/25/2010 1:00:46 PM

  It's the last full week of January and that means it's tax season. According to Minnesota state law, landlords are required to mail you a completed Certificate of Rent Paid (CRP) by January 31. The CRP shows the amount of rent you paid and the amount of property taxes your unit is considered to have covered. You will need the CRP to determine your refund and you must include it when filing your property tax return. Renters who are unable to obtain a CRP from their landlord/s by February 15 should call the tax help line to obtain a Rent Paid Affidavit (RPA).
  
  Landlords, if you need the forms go here. Renters, once you have your filled out form you will need to fill out a M1PR in order to receive a property tax refund.
  

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• Landlords, Let Your Tenants Know What's Going On.

  1/13/2010 10:55:29 AM

  Lets face it landlords and property managers, the days of people checking out your vacancy without first investigating it on the web, are quickly ending. People want to see pictures of the apartment.  They are curious about the surrounding neighborhood. They are interested in the amenities available in the community, as well as in your specific apartment. For this reason, HousingLink added the ability for you to add photos to your listings and we've attached a map to each posting so people can see where the vacancy is located.
  
  In addition to listing vacancies on HousingLink, there are other simple things you can do to help potential renters find out what it's like to live in your apartment. One example comes from the folks over at Duck Tape Marketing. They posted this helpful video about customizing your Google Maps profile. Use these tips to give new tenants an idea about where your apartment is located and what's around in the area.
  
  So get your listing posted on HousingLink, attach some photos and then go update your Google Maps profile. Your phone will soon be ringing with potential new renters!

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