Is the rent too high?

Question

Have a 2 bedroom, 1 bath fully furnished apartment in Beaver Falls, PA (35 minutes northwest of Pittsburgh). We full renovated the apartment in 2023. Tenant is moving out (thankfully) and we have an opening for April 1. I have it posted for $850.00 a month on Zillow, Apartments, Facebook, and Craigslist (when I say fully furnished, I mean everything including pots, pans, etc.). We were trying to help out a friend of a friend get out of a bad situation, blah blah blah. Anyways, I'm getting a lot of inquiries but nothing is sticking. We're showing it a lot but no one following through. Bigger Pockets comps says it should be $895, but I've been considering going down to $775-$800. I've looked various sites and feel $850 was fair, but maybe it's not?

Anthony Angotti · Answer

This time of year is awful. Once April hits it's a lot easier. General information as an agent that I follow applies to rentals as well.

1. No inquiries no showings no applications: Your pictures likely stink, your apartment may be mislisted, your price is probably way too high. Everything in your presentation and pricing is likely bad. OR (possibly in your case) there's just no market for what you're offering where you are offering it.

2. Inquiries, no showings, no applications: Your pricing is probably a little high, but not crazy high. You should review your pictures and marketing presentation, but it's likely OK. What you are offering (price/amentities) is likely not as good as your competition.

3. Inquiries, showings, no applications: Pricing and marketing are good. Something is off when people come to see the place. Either it looks nothing like the pictures, or they expected better in some other way. You must collect feedback from showings or you won't figure it out.

4. All of the above going well: Great job, but if you're getting blown up with requests and showings and applications it means you probably priced your place too low and you should consider increasing the asking the next time.

A healthy price will generate a lot of inquiries, but only one of two applications in the first couple week.

If something sits for longer than 2 weeks in prime leasing season you should consider adjusting price, marketing package, or easy to change amenities (appliances, include window AC, dishwasher, etc. you really need to review competing rentals and see what they include). Off season like we are in now (but right at the end of it) it's not uncommon for things to sit for 4+ weeks. Most landlords in Pittsburgh only end leases May through September (I do that). So people are just now deciding to renew or look for somewhere else.

I hope that's helpful. Leasing isn't a perfect science, some places that I think aren't great lease right away and some that I think will go fast take more than a month. It's 70% what you do and 30% luck of the draw with who shows up.

Colleen F. · Answer

@Cory St. Esprit   what are the people you are showing it to saying?  do they want unfurnished? Is it a mess?   Look around and see what other available units look like and are renting for.  Go on furnished finder to find comparable furnished rentals  look at airbnb greater than 30 day rentals. Look at unfurnished, maybe you do better if use that option.

Jeremy Taggart · Answer

@Cory St. Esprit Is this in downtown Beaver Falls? Unfurnished market rent for 2BR in downtown Beaver Falls I would say is closer to $700-$800. Furnished might get you a bit more but I'm not sure how much demand there is there for furnished with it being further up.

If it's furnished might want to consider airbnb or furnished finder maybe get folks that are traveling since it's right off the turnpike exit there in Beaver Falls.

Bruce Woodruff · Answer

Anything is only worth what someone will pay for it. If your comps are right, it may just take a bit longer. Now if it sits for a couple months with no takers, then ya got a problem....

Kevin Walton · Answer

Building on this and a couple other things mentioned above. Full furnished units in Beaver aren't in the highest demand unless you are collaborating with local hospitals, schools, travel agencies, etc. If you continue having problems getting it rented, maybe consider coming down a little on the rent amount. Majority of the rentals in the Beaver Falls area are going for $700-$800 unfurnished (as mentioned above). Or try making an adjustment to your strategy and going the STR route, reach out to AHN, UPMC, and/or Heritage Valley Human Resources department and see if they have any travelers or traveling agencies looking for placements for their travel staff. This isn't a guarantee that you will get more leads, but definitely worth a shot.

Please reach out if you continue having problems, I can get you over to some people that can assist you.

Lily Aldridge · Answer

Renting out a place can be a real headache sometimes, especially when you're not getting the bites you expected. It sounds like you've got a pretty sweet deal going with all that fully furnished jazz, but maybe the price tag's scaring people off. Dropping it down to $775-$800 might just do the trick, you know? Sometimes a slightly lower rent can make all the difference in snagging a tenant.

Christen G. · Answer

Put it in the Lourve

Logan Laperriere · Answer

Have you reached out to local businesses, schools, hospitals, etc.? Reach out to their human resources departments and tell them about the special program you have for their employees (waived application fee, move in gift, etc.)

Zillow, Facebook, and Apartments.com are all great, but you should always find creative ways to market your listings.

David Coleman · Answer

What about listing it on Furnished Finder?  Or do more market research on Furnished Finder.  Just a thought.  Best of luck!

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