Tips on getting a condo rented in North Capitol Hill, Denver

[Evan Miller]

Hey Everyone!

I'm looking for tips on getting a renter into my condo which is located near 17th Ave. and N Pearl Street in North Capitol Hill.  Although I managed to find someone to rent out my second room in this condo while I was (still am) living there over the past year, this is my first time ever marketing for actual tenants to fill a property in which I will not be living.

Based on the research I've done, it seems like North Cap Hill generally demands pretty high rent, especially compared to the average in the 80203 zip code, so I've listed it accordingly.  Unfortunately I haven't gotten much interest so far.  My condo is a 2 bed 2 bath, with 1,197 square feet and is within walking distance to downtown, tons of bars, light rail stations, etc.  It's in a great location and is a very nice condo so it seems to me that if I'm not getting interest then the problem is with me and my marketing, not with the condo.  I'm curious if that's the case.

I started the listing at $2,400/Mo. and when that got over 100 views with zero inquiries over the span of a week I dropped it to $2,175 last Friday.  I have it listed through Padmappers (which gets it on Zillow, Zumper, and Trulia as well), Hotpads, and Craigslist.  It is available starting January 1st.  I'd love to hear from experienced property managers what their take is on my approach so far.  Is it just a matter of timing?  Do I need to decrease the rent more to reach the appropriate set of potential tenants?  Is there something I could do better with my listing?  I'd appreciate any advice or thoughts!

Here is a link to my listing on Hotpads for reference:

https://hotpads.com/1727-n-pearl-st-denver-co-8020...

Thanks for the help!

[Linda Weygant]

We're in a bit of a seasonal slump right now.  In Denver, my rentals usually languish through November and December with interest building again at the first of January.

If you're desperate to get it rented, you may have to lower the price to get interest, but if you can hang on til mid January, you may have a better shot at getting your price.

This is just my experience.  I hate when vacancies happen between November and February as it seems like nobody wants to move during or right after the holidays.  I try to time my leases so that they renew in spring or summer, sometimes doing 9 or 14 month leases.  

Also try the facebook groups for advertising.  There's one in Denver called "Rental Market" where I get some pretty decent hits as well as the Denver Buy Sell Free Group and stuff like that.