6 weeks on the market, and the holidays around the corner...

[Nathan McQueen]

Earlier this fall I purchased my first investment property with a partner @Josh McQueen, a 3-2 single family near Ft. Campbell, KY. Then spent a few weeks getting it ready to rent, and put it on the market. As of today its been on the market for about 6 weeks and still not rented. We have it on the market for $950/ mo, which our property manager says is the market rate. We have had quite a bit of interest but for one reason or another still no tenant. We even had a serious "bite" that almost moved in earlier this month, but didn't sign the lease.

So my question is, since we are about to enter the worst time to get people to move (holidays). What kinds of incentives or any creative ideas should I try to get a tenant to move in? I'm thinking dropping the rent to $925 and offering 1/2 off the first month's rent if they move in before the end of the year? 

Any and all ideas are welcome.

[Kevin Hunter]

@Nathan McQueen , regardless of what your PM tells you, the market tells you that $950 is too high.  If market price was $950 then the market would've rented it by now.  First, get a new property manager.  Then, decrease the rent.  You have already lost 6 weeks income.... how long will it take to recoup that?  It is always better, in my opinion, to set your rent slightly less than others to ensure you get as much traffic as possible.  Good luck and let us know how it turns out!