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Updated over 8 years ago on . Most recent reply

User Stats

98
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32
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Kirsten Ostby
  • Rental Property Investor
  • West End, NC
32
Votes |
98
Posts

Rental pricing and turnover time in Fayetteville NC

Kirsten Ostby
  • Rental Property Investor
  • West End, NC
Posted


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!

Most Popular Reply

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2,771
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1,235
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Al Williamson
  • Rental Property Investor
  • Sacramento, CA
1,235
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2,771
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Al Williamson
  • Rental Property Investor
  • Sacramento, CA
Replied

@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!

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