This has been my longest vacancy ever. My last tenant left in December so I have gone January, Feb, March and April without a tenant. My PM finally got someone to rent the townhome beginning May 1st for $995. I had to drop the rent from $1195 down to $995 to get someone in there.
The good news is that my interest rate on this home has dropped to 4.25% from its high of 8.5%. Let’s hope the MTA or LIBOR keeps staying low (can’t remember which one this loan is tied to).
My lease for my Chicago condo is coming up in July and so far I haven’t had any showings on it. That condo usually rents very fast, but it’s also a higher end condo which commands higher rents. People may be going the cheaper route this year.