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!