Rental pricing and turnover time in Fayetteville NC

10 Replies


I'm looking for advice... I have a SFR in Fayetteville NC that I had priced slightly above market, but now it's been listed for rent for a month with no quality applicants. I dropped the rent by $30/month, to $795, but I'm still not seeing much increase in calls/emails. I'm wondering if I'm missing something? Fayetteville rental veterans: do you tend to have much lapse between tenants? This particular property is in Loch Lommond, near Reilly and Cliffdale. It was a foreclosure I purchased and I chose rent based off of comps in the area. For reference, it's a 3/2.5 1200 sq ft with 1 car garage. I've been on the strict end with screening/pre-screening requiring a 600+ credit score. I had one applicant, which I declined due to poor credit and providing fake rental history...with her friend pretending to be her current landlord... Does it just take some time and patience to get a quality tenant in the current market? I would love to hand this issue off to a property manager, but I'm trying to cut extra expenses for now and gain some experience managing my properties here.
I have another SFH in Raeford that I'm getting ready to list for rent in the next few weeks. I was thinking of listing it at $925, but now I'm thinking $895 might be a better idea to get it tenanted more quickly.
Any input and advice is appreciated!

@Kirsten Ostby you're wise for reaching out. These matters can be nerve racking.

1 - You can hire a property manager for lease up only. So don't rule that out.

2 - Check the quality of your pictures and rental ad headlines.

3 - Don't cut your rent if it's market rate. Add more advertising channels and market harder with a) better sales copy and b) professional inciting photos.

Best to you!

Kristen, get a SLAM DUNK property manager and you'll have no problem keeping it filled (assuming market rent). I haven't gone more than 9 days vacant at the absolute max. The peace of mind, and total hands-off ability really makes investing more rewarding, at least for me. 

Lock Lommond is an old area but should yield the rent you're asking. 

If you want new pictures for the place, I would be happy to help. I do real estate photography for realtors and other investors, no cost for friends. 

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@Kirsten Ostby You should monitor your comps and competition several times per week. You will quickly find the market rate as units come and go.

I manage properties professionally in Michigan so I am not familiar with your market however close monitoring is key when you have a stale listing. Listen to and ask people at your showings what they are seeing in the market.

You might try taking down your current listing and reposting it completely reworded with new pictures and an updated price. This will bring second looks and maybe a tenant.

@Kirsten Ostby - As property managers in Fayetteville, we begin experiencing this as the fall/winter months begin. Additionally, I think you're still priced too high for that area. Homes in your desired price point have already been on the market over 100 days. People will also begin to shift their focus to prep for the holidays but it can still be rented. Alexander gave great advice to free yourself from the hassle of finding tenants by hiring out. 

Thank you all for the advice and input! Thankfully I did get a great applicant on Friday last week. I took my listing down and reposted it with the lower rent of $795, and got the applicant the next day. Assuming nothing goes wrong with collecting security depost, 1st month's rent, and lease signing, I should be good with this property. 

@Latonia Parks I have seen a few homes in Loch Lommond area listing around $750-775/month, but they don't have a garage, updated kitchens, or privacy fence, which this property of mine does have and why I priced it a little higher. It seems $825 was too high, but $795 has brought a lot of new inquiries. I am aware that there are a lot of homes for rent in this price range throughout Fayetteville, so I'm willing to be flexible in price to get it tenanted more quickly. One of the benefits I'm presenting with this home is that it's maintained and not run down like a lot of lower priced rental homes in the Fayetteville area. 

@Kirsten Ostby how long is the new lease? Did you consider having the tenant sign a 6-9 month or 18 month lease--in an attempt to get the house back on the spring/summer peak lease season?

I have a rental in Sanford, NC that just went vacant and am considering having the next tenant sign a longer/shorter duration lease to get the house back on cycle.

Also, if you ever need property management recommendations feel free to ask. Mine has been great.

Glad the place is leased up!

-Andrew

@Andrew K. the lease will be 12 months. As of yet, I don't sign any initial leases shorter than 1 yr. I have purposefully listed homes for sale in the spring time to capture that peak season of buyers. But I didn't consider rental cycles with my two properties here in NC. I did however with my rental in MN.... No one wants to move during the snowy winters up north! My husband and I moved here in December (military PCS a few years ago) and I know many of our military friends have moved in all months of the year. But like you and Latonia have pointed out, there probably are seasons that bring in a larger pool of potential applicants. You could manipulate your lease duration, but then you may have a good tenant who wants to extend a little longer to accommodate closing on a home, a job transfer, etc... I've twice extended a lease into month-to-month myself as a tenant. And I've had two tenants extend their leases by 1-3 months as well.