Not receiving as much interest as adjacent unit, rent too high?

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Not receiving as much interest as adjacent unit, rent too high?

Stephanie Soltero
Rental Property Investor · Mountlake Terrace, WA · Member since 2016 · 25 posts · 3 votes

Hi!

I put one half of my duplex up for rent yesterday and so far have 3 people interested (I already know one is not qualified). I believe I can get somewhere between 1650 and 1750 based off the data below and considering I'm getting 1625 for the adjacent unit that is not as recently updated. But I'm not receiving as many applicants as I did with the other unit which I listed back in April. I received a flood of messages within a day and found my tenant during one of the first showings who is the best tenant I could ask for. Great credit, great income and very sweet. I think it may be that my listing now clearly states all the requirements. Tenants are paying power and trash and I'm paying water and sewer (which is pretty expensive in this area for some reason) and I pay for the lawn to be maintained. I also require a credit score of 650+ and additional rent for animals which I think could be turning away potentially good tenants as the base rent is already high.

My questions are:

Is the rent too high? If you suggest I lower it, how long should I wait before I do so? By how much?

Is the required credit score too high?

Would actually having a washer and dryer increase interest?

Is the pet rent too high?

Are the photos good enough to draw you in?

Does the description provide enough/wanted info? 

I listed it on the high end as I put a large amount of money into fixing this place up, it was a complete disaster when I purchased the property so I'm hoping to increase my return. The listing is below, please let me know if you see anything that can be turning people away. Constructive criticism is welcomed as this is my first property. I'm a complete n00b. :D 

Any suggestions at all are much appreciated!

Lisiting

https://hotpads.com/1320-12th-ave-nw-puyallup-wa-9...

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Dylan B.
Investor / Real Estate Agent · Oklahoma City, OK · Member since 2015 · 324 posts · 157 votes
9y

@Stephanie Soltero  Your rent rate seems reasonable. Like Thomas S. said, be patient.  I would suggest not having a credit score requirement that high, the main reason most people rent (in my market at least) is because they have bad/no credit and cant get a loan from the bank. There are other reasons why people rent as well however, I would argue that bad/no credit is the largest factor.  I would also argue that some of my best/long term renters had worst credit than that (in B+ neighborhoods).  

I do see the use of requiring a minimum credit score because you can minimize your risk with someone above a certain score, which gives insight into how well they manage their money. 

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  • Krystallin Baker
    Fort Collins, CO · Member since 2017 · 99 posts · 86 votes
    9y

    @Stephanie Soltero are you listing your property anywhere else? The more places you have it listed the better. 

    0Reply
  • Stephanie Soltero
    OP
    Rental Property Investor · Mountlake Terrace, WA · Member since 2016 · 25 posts · 3 votes
    9y

    @Krystallin Baker Yeah, I listed it on Cozy and Zillow manager which will then also list it on hotpads, trulia, doorsteps, realtor, and CL. Thanks!

    1Reply
  • Carolina E.
    Investor · NW Indiana · Member since 2012 · 833 posts · 197 votes
    9y

    Hi Stephanie, I looked at you ad. Maybe it's just me, but I don't like the part you say drive by and then text. Sounds like too much work. I think rent is fine, but if you don't get more responses lower it in a month or so.

    I don't add washer dryer anymore because of the added maintenance. 

    The pet part might be scaring people off with so much info. 

    0Reply
  • Thomas S.
    Member since 2016 · 13k+ posts · 12k+ votes
    9y

    Leave the rent where it is, the rest of your requirements are all reasonable. The pet fee is only turning away tenants you do not want, don't worry. Be patient.

    0Reply
  • Dylan B.
    Investor / Real Estate Agent · Oklahoma City, OK · Member since 2015 · 324 posts · 157 votes
    9y

    @Stephanie Soltero  Your rent rate seems reasonable. Like Thomas S. said, be patient.  I would suggest not having a credit score requirement that high, the main reason most people rent (in my market at least) is because they have bad/no credit and cant get a loan from the bank. There are other reasons why people rent as well however, I would argue that bad/no credit is the largest factor.  I would also argue that some of my best/long term renters had worst credit than that (in B+ neighborhoods).  

    I do see the use of requiring a minimum credit score because you can minimize your risk with someone above a certain score, which gives insight into how well they manage their money. 

    1Reply
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