I'm having trouble finding a tenant for my rental

Starting Out
7yFollow

I'm having trouble finding a tenant for my rental

Pedro Padierna
Member since 2019 · 68 posts · 16 votes

Dear BP community,

 I recently bought and rehabbed my first rental, we left it in great shape and its ready to rent. The property is in a nice neighborhood and a good school district. But unfortunately, we are struggling to get a tenant; it has been in the market for 29 days (already more than the average for the area), and since then, every single day we have done a showing, but no one has applied yet.

I have one theory: The next-door neighbor decided to start a hobby of reconstructing old trucks, and one partially destroyed truck is sitting in their driveway next to the entrance of the property (there is no HOA to regulate the area). So when people visit the property, they might get turnoff by this sight.

Do you have any ideas of what can I do to help get a tenant? 

If you are curious, here is a link to the property, and picture of the truck in the driveway.

Thank you in advance for your thoughts.

Best,

Pedro P.

1Reply
540 views

Most Popular Reply

Diane Tycangco
Member since 2019 · 120 posts · 26 votes
7y

Hi I am a newbie to all this but would to offer my two cents.  When I clicked on the link you provided and looked at the property info, I noticed that the Zestimate rent for this property is $1295.  If I were looking for a rental and don't know anything about real estate, comparing that to your rental price will give me pause - you are too expensive.  Secondly, I entered your address into Rentometer and it did come up with $1376, which I think is how you came up with your price, but if you look at the comps below, most of the properties upon which Rentometer based their median recommendation are a lot bigger than yours.  The property closest in size and location to yours at Purlane and Blanco 1056 sq ft .98 miles away is only renting for $1150.  It also has 3b2b.

16Reply
See this reply in the discussion

132 Replies

Jump to latestLatest
  • Pedro Padierna
    OP
    Member since 2019 · 68 posts · 16 votes
    7y

    @Derrick E. Thank you for the honesty and common sense in your comments. You are right you have to make a financial decision putting aside all emotion and pride. I offered a move-in special, 50% off the first full month and we got our first application. So at the end of the day, it was the price

    0Reply
  • Johana Salazar
    Developer · Memphis, TN · Member since 2019 · 3 posts · 0 votes
    7y

    @Pedro Padierna can the city not be involve in this ? You probably can call and let them know. What has been the feed back people are telling you when they are visiting the property?

    0Reply
  • Jessica G.
    Investor · Dallas, TX · Member since 2014 · 177 posts · 213 votes
    7y

    @Derrick E. THIS all day! I think newer investors (myself included) get hung up on seeing how high you can rent out your brand new rental property for. I started too high on my first one and after a week of no applications did the math on vacancy and had to put the ego aside, aggressively lowered the rent to just under market, and had it leased a few days later. It's the LONG game people. 

    1Reply
  • Derrick E.
    Investor · The Creek, WV · Member since 2014 · 890 posts · 1k+ votes
    7y
    Originally posted by @Jessica G.:

    @Derrick E. THIS all day! I think newer investors (myself included) get hung up on seeing how high you can rent out your brand new rental property for. I started too high on my first one and after a week of no applications did the math on vacancy and had to put the ego aside, aggressively lowered the rent to just under market, and had it leased a few days later. It's the LONG game people. 

     Yes. I made the same mistake a few years ago on my first property as well. Now I ALWAYS list a little below market rent and get a ton of applications. This allows me to sit down and pick the very best tenants. In the long run it has been worth it as we end up with better tenants. No more choosing between 2-3 applicants as I can now choose between dozens of applicants. 

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free