How to advertise my rental above the market rent

[Nupur Daruka]

In the Stratford CT area, the rent is between 1600-1900 on average. The apartment I have is 646 sq feet and I am asking for a rent of 1950 and as part of the lease the renter also pays the landlord the HOA. Since the apartment is in very good condition with new appliances and remodelled kitchen how can I ask renters to pay for 2150 instead of the comps around the area? The person whom I bought the unit from has other rental properties and is able to get renters for 1950 with the HOA fees in the lease agreement. I am finding it hard to find a renter who is willing to pay ne 2150 instead of 1950. What am I doing wrong or how should I advertize to get the higher price because of better amenities compared to other apartments? The apartment is next to a golf course and 1 min walk to the beach.

[Jon K.]

There is a big difference between $50 over average top of market rent and $250 over average top of market rent.

You can ask whatever you want, and can improve a property as much as you want, but the reality is that the market sets the rent that it will bare and not the landlord. There is a limit to what most people are willing to pay to live in a given area regardless of how updated your unit is. Can you find someone willing to pay more for quality? Yes, absolutely. BUT it will likely take a while as you are experiencing.

So you have to ask yourself, is the difference in rent worth the additional months of vacancy?