No Application, Rental property

[Jonathan Pechmajou]

Hello -

I have put my house on the market for the past 16 days on the MLS for rental. It's also on zillow, redfin, realtor, trulia and facebook market place.

It's fully furnished. I added a 25% premium compared to comps in the area because of that.

I have had 0 applications or contacts.

Wanted to have a second opinion on my listing see if I'm missing something.

https://www.zillow.com/homes/22139-Cressmont-Pl-Boca-Raton,-...

Thank you

[Nathan Gesner]

You are over-priced for a one-year rental.

1. Most people looking for a one-year lease have their own furniture. By renting yours furnished, you limit yourself to renters that don't have furniture. That's a small market and it will be hard to find someone.

2. Even if you do find someone, why do you think your furniture is worth $2,000 - $2,500 a month? I could get a personal loan for $50,000 to furnish your home and the monthly payment would be less than $1,000. Your price indicates the furnishings are worth $100,000 - $150,000.

3. Many renters don't want to take responsibility for your furniture, particularly if they have kids or animals. Why pay $2,000 more and then run the risk of damaging the kitchen table or spilling wine on your white chair and having to pay for a replacement?

I would drop your rent rate to match the market and advertise it as unfurnished. As you speak to potential renters, you can let them know they can also rent it furnished for a higher rate. I doubt you can get more than $500 - $1,000 extra with a fully furnished home on a long-term lease.