Sticky Market- Potential Tenants keep flaking
My best unit is up for rent. And it usually has low vacancy.
It has been empty the past 1.5 months.
It has just been redone and when I first listed it I dropped the rent $300/month. If I lowered the rent $800 less I do not think it matters because people out there just want to see ALL the props available in this market.
Inside is new and way cleaner, nicer, better location and $300+w/s/g less than the competition.
I have spent tons of time showing it with only three interested parties. When it comes time to hand over deposit money they always flake. Some landlords in the area are asking for deposit at the same time the application is turned in.
The area is the most high demand area in the city.
I do not think many people are moving and they are looking just to look. I ask everyone who comes by if they been looking much and they ALL say they have looked at 30-40 props and that is all they been doing. I ask what they are looking for and they do not know..
I have reached out to property managers and other landlords in the area and they are experiencing the same things and say mine is a great deal.
What do I do? Lower my price even more?
I see it that the price is very low now compared to the competition.
I am getting frustrated.. any suggestions?