Having trouble finding tenant for condo in Hyattsville, MD

7 Replies

Hi everyone!

I have been listening to the BP podcast for a few weeks now and am new to the boards. :)

Anyway, I thought this may be a good place to ask for help. My husband and I own a 2 BD 2 BA luxury condo in a gentrified area in the suburbs of Washington, DC near a metro station.

Our costs for our condo will be $2100/month- mortage is a 15 year mortgage at 1.5% interest, HOA/Utilites payments are $500 a month, property manager (a friend) will be $100/month for a total of $2100. We are trying to charge $2200 for rent.

We are trying to move cross country ASAP but this apartment is a headache. It has been 2.5 months on the market. Not a lot of interest. We have it listed on: Craigslist, Zillow, Apartments.com, Padmapper, Trulia. We have had 3 people apply for the unit. 1 had horrible credit so was rejected. 1 was nice but disappeared. 1 we offered to and they chose a different place for location. 

Similar apartments nearby are around $2000 a month, but they aren't like ours- ours is a top floor corner unit, hardwood floors, new appliances, overall it's much nicer than other ones, plus utilities are included, unlike other places.

It's really frustrating for me because I already quit my jobs and I just want to get out of here and re-establish elsewhere. Any advice? We bought a nice camera and are planning on taking better pictures of the property (they are already good IMO but they could use to be better).

Here's a link to our Craigslist listing if you guys have any ideas for what I could do to get this place rented out:

https://washingtondc.craigslist.org/mld/apa/d/2-bdr-2-ba-penthouse/6632452497.html

@Krista Bean I thInk the issue you are having is that the rent is higher than what renters are willing to pay for the unIt. If I were in this positIon I would think about if I really need to have a manager. Self managing would save you that $100 each month to allow you to make the rent more competitive. You also always have the ability to sell the unit if it becomes too much of a hassle and move the capital gains to another asset. Best of luck.

Thats what you would pay for a 2 bedroom in Rockville. The last two 2 bedroom condos to rent in that building rented for 1700 and 1875. The more expensive of which was an end unit. So if you have an end unit, expect in the 1875 range, non end unit expect 1700. Either way you are significantly overpriced.

It's not a renters job to cover your mortgage n make things ez for you. 

Lower to market n you'll have a tenant by next week Thursday.

2.5 Months without rent is $5,000. $65 a day adds up fast. 

Maybe you should sell. 

I agree with everybody else. The rent is too high or else it would have rented by now. We have condos in Arlington, VA and if they don't rent in the first two weeks we drop the rent until they are rented.

Hey everyone, thanks so much for your advice, I really appreciate it. I read your replies earlier but was away from my computer!

I have one more question- my husband is keen on renting out the unit even if it means losing money (I.e. renting below the $2100 threshold, which may have to happen). Do you think it is worth renting out a unit if it has been a primary residence and will increase in value for sale in the long run?  We are not professional real estate investors although in the future we may try to get it into it more. 

Originally posted by @Krista Bean :

Hey everyone, thanks so much for your advice, I really appreciate it. I read your replies earlier but was away from my computer!

I have one more question- my husband is keen on renting out the unit even if it means losing money (I.e. renting below the $2100 threshold, which may have to happen). Do you think it is worth renting out a unit if it has been a primary residence and will increase in value for sale in the long run?  We are not professional real estate investors although in the future we may try to get it into it more. 

 That in large part depends on your income. If you rent it for $1875, the price the last corner unit rented for you will lose $225 a month. Is that a significant amount of money to you?  You also have it on a 15 year note, so cash flowing on  a 15 year note simply wont happen, so that should be taken into consideration that you will pay this off rather quickly.