Rentals in 48205>Question Details

Casmar, Real Estate Pro in Detroit, MI

Rental Home Potential in Detroit 48205

Asked by Casmar, Detroit, MI Mon Nov 1, 2010

I have a three bedroom, 1 bath, rental property with a detached garage in the 48205 area code. Property was renovated in 2008. It’s located between Kelly Road and Redmont St. I would characterize the area as a rougher area but not bad. I’m trying to find a quality renter for this property, but it’s been vacant going on 3 months. It’s a descent property all things considering. I’ve tried Craigslist - - I’ve tried a property manager, and while I’ve gotten a few leads, nothing concrete has come up. Quite frankly, I’m frustrated at the lack of interest in renters for this particular property. So, my question is this – how is the current state of rentals in this area? Is this typical for what’s been going on in Detroit? One thing I haven’t tried is the newspaper – which may be my next move. Please comment.

Note to property managers - - kindly refrain from “sale” type talk that you are the supreme property manager and can rent this property in two minutes. I doubt this.

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Letitia Patterson’s answer
In the past 6 months, 2 three-bed properties have been sold from the mls in that immediate area for lease:

15000 block of Eastwood- 1100 sq. ft- $675/month
15000 block of Faircrest- 1200 sq. ft.- $800/month

Both properties are brick and fairly large. You did not mention whether your home was brick or frame and the square footage- this makes a difference in desirability. Another issue is the property condition- is it painted well, updated kitchen/baths, etc.

Here are a few more questions:

1. Was the home listed? That's your best chance of getting the most exposure
2. Where else did you market online besides craigs? Craigs is best done with consistency everyday, but there are
3. Do you have local or street signs?

The newspaper is good, but can get expensive unless you order the package with the Internet listing for 7-30 days.

Remember, people start looking online first so reach them using multiple online methods- compliment your online with offline marketing.
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