Looking for perspective from other Indy landlords/investors/professionals.
I have a 2BR unit in Fountain Square that’s been listed since early December and is now around ~70 days on market.
We’ve adjusted pricing but conversion has been softer than expected
I understand December–February is slow season, but I’m trying to benchmark:
Is 60–90 days on market typical in Fountain Square during winter? At what point would you view this as a pricing issue vs seasonal timing?
I'm also at a point where the timing might naturally work in my favor as we head into March. So I'm tempted to not lower the rent anymore. But it also feels like a gamble.
Specialist · USA · Member since 2024 · 279 posts · 130 votes
7mo
In Fountain Square 70 days is longer than I would expect even in winter, so I would treat it as a pricing and presentation issue more than just seasonality. If you are getting showings but no applications, it is usually the unit or terms, and if you are not getting showings it is the price or the listing photos and headline. Quick checkpoint is what is your all in monthly cost and how much rent are you holding out for, because one more 30 days vacant is basically the same as cutting rent 75 to 150 a month for the next year. If you do one thing today, refresh the listing with better photos and a new first line and offer a small move in incentive instead of another rent cut.
Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
7mo
I think at this point i would take it down and relist it at the beginning of March at the price point that you want and see what it does. This is flip right?
Investor · Collierville, TN 38017 · Member since 2017 · 734 posts · 535 votes
7mo
70 days in Fountain Square during December to February is not automatically a red flag.
Winter leasing in Indy is materially slower. Fewer relocations. Fewer discretionary moves. And Fountain Square in particular can be tenant profile dependent. Young professionals and creatives move more in late spring and summer than in January.
That said, here is how I would break it down analytically:
Traffic vs conversion
Are you getting solid inquiry volume but low applications? That is usually a product or pricing mismatch.
If you are getting low inquiry volume altogether, that is almost always pricing or marketing.
Comp reality
Pull active listings, not just leased comps from summer.
If similar 2BR units are sitting 45 to 75 days, you are likely in line with the market.
If they are turning in 20 to 30 days and yours is not, it is positioning.
Effective rent vs asking rent
Instead of cutting rent again, consider:
• One month free on a 12 month lease
• Lower deposit
• Flexible move in date
Sometimes concessions preserve long term rent integrity better than another $50 to $100 drop.
Carry cost math
Run the numbers unemotionally.
If you drop rent $100 per month, that is $1,200 per year.
If you sit vacant one more month, that may cost you more than the full year delta.
If you are approaching 90 days and inquiry is still soft even with good marketing photos and exposure, it is almost always pricing. Seasonality explains slow. It does not explain zero traction.
March will help. But I would not rely purely on hope. I would watch the next 2 to 3 weeks closely. If traffic meaningfully increases as weather breaks, hold firm. If not, adjust strategically.
Vacancy is data. Treat it like feedback, not a gamble.
Specialist · USA · Member since 2024 · 279 posts · 130 votes
7mo
In Fountain Square 70 days is longer than I would expect even in winter, so I would treat it as a pricing and presentation issue more than just seasonality. If you are getting showings but no applications, it is usually the unit or terms, and if you are not getting showings it is the price or the listing photos and headline. Quick checkpoint is what is your all in monthly cost and how much rent are you holding out for, because one more 30 days vacant is basically the same as cutting rent 75 to 150 a month for the next year. If you do one thing today, refresh the listing with better photos and a new first line and offer a small move in incentive instead of another rent cut.
