The ad reads "Come Quickly, Won’t Last, FREE this, ALLOWANCE for that, BONUS back!" You’ve spruced and painted, refreshed and remodeled, trimmed the shrubs or shoveled the driveway. The porch light is on and there’s a candle burning in the kitchen. The "FOR RENT" sign is up in the front yard.

While the mortgage market loaned money to anyone breathing air, the qualified tenant pool diminished considerably. Rents sagged and some units stood vacant for too many months. Any unprepared owners found their budgets stretched to the limit—and beyond. These effects are seen in the multitude of two and three-family homes on the market today, also the victims of over-lending and a less qualified tenant base. All owners strive to manage their units efficiently, attract good tenant applicants and increase rental rates. To accomplish this, new and existing owners of rental property in Lakewood will need to learn the same lessons that home sellers have toiled over for the last few years. A rental unit must be clean and well maintained, look inviting and offer modern conveniences while retaining charm. Unlike a buyer, a tenant doesn’t care if the roof or the furnace is old, as long as it doesn’t leak and they keep warm.

Word on the street is that vacant rental units are filling up, slowly but steadily, and that advertising (signs, ads, etc.) is producing a few more calls and somewhat better qualified applicants. Whisper on the street says rental rates have stopped falling and are moving upwards, gently. As the owner of a two-family in Lakewood, my property became vacant November 30. On December 1, I placed a sign in the yard and an extensive ad on Craigslist, but truly figured that I’d wait out the holiday month, get applicants in January and a move-in for February 1. Much to my surprise, I had two calls from out-of-towners who saw the Craigslist ad and six calls from individuals who saw the sign, which turned into three showings. My new tenant moved in on January 2, and being only 30 days vacant was a Godsend.

I’d love to hear good news/bad news stories and especially what kind of advertising is working for Lakewood rental owners. E-mail me at SunnyUp1@cox.net and I’ll share the results received in a future Observer article.