Does It Really Work?
Mr. Anthony has been renting apartments on a weekly basis for over 15 years with a vacancy rate that is less than five percent. He says, “I’ve got one tenant right now who’s been with me six years and another who’s been here for probably right at fourteen years. In my 15 years of renting these apartments weekly, I’ve only had one bad tenant. Fortunately, I was able to get rid of this individual in just one day.
My tenants are individuals that struggle with understanding the concept of being able to set aside money each week so you can pay your rent each month, but they are all good people. They understand completely the concept that if they don’t pay their rent by Friday evening, they don’t have a place to live on Saturday. They know that they are out of here at noon.
My weekly rentals are well known in town and most of the time, I have applicants waiting (and hoping) I’ll have a vacancy so that they can move in. I rarely have to run an advertisement because my vacancies are so rare.
In fact, because I treat my tenants with respect and act as if the apartment is their castle, we often develop lasting friendships. Many times, a tenant who is moving out has already shown the apartment to several other prospective renters and may even have the next tenant already lined up for me."
Weekly rental apartments make good business sense because they save you time on advertising and keeping apartments rented. Since you can rent them for a higher rate, your income from the properties is higher, and since you can depend on your weekly payments, your cash flow is more dependable.