Sounds like the price is right. Open the filter and select a applicant in the pipeline. No applicant is perfect but based the decision on character.
In my area the serious people come out the last 10 days of the month. Last month I dropped the price on a rental $50 a month due to other rentals coming on the market at the same price. Mine was nicer then those. I rented it within three days when I dropped the price just below the market level of everyone else. Those other rentals are still on the market. I rented mine for $1,200 + $25 per month pet fee. The people at $1,225 - $1,250 are still vacant. I can easily get $1,275 for mine, but this time of year there is too much inventory on the market to compete with.
Originally posted by @Brandon C. :
The 'neighborhood' comps might be too narrow although somewhat accurate. What is a similar property (number of bedrooms/bathrooms/sqft ect) renting for in the same zip code? You may also have to loosen the rental policy to get it rented and to start getting some cash flow.
You're right on point using all the free websites to advertise (Craigslist and Postlets pretty much hits them all). One question, have you renewed your Craigslist add to get it bumped back to the top? Doing so could go a long way in getting those inquires flowing again.
Also, make sure that your ads, especially on Craigslist, are professional and detailed regarding property info, rental criteria, and include high quality photos. Doing so will help unqualified leads to pre-screen themselves and attract higher quality tenants overall. If I were looking for housing via Craigslist I would be very wary of any of those two-sentence ads you see with no photos and poor grammar.
With all that said, dropping the price down to $1195 isn't a bad move necessarily, but if I were in your shoes I wouldn't feel in a rush to do so just yet. The rental market demand in Nashville is unbelievable right now, so as long as you are offering a clean/safe property and in the ballpark of what would be considered ¨market rent¨, you should be just fine.
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