What are the signs that I need to reduce the rental price?

[Aviv Berkovitch]

Hi, I have a property for rent that in the market for 35 days, how can I know that the price is the issue and not another things? When do I need to reduce the price? If reduce , for how much ? Thanks

[Kenneth Garrett]

@Aviv Berkovitch

When you determine your rent amount it should be done by evaluating the market you are in. Look at similar properties in similar locations. Use rentometer, Zillow, MLS and any other source you can. Look at what else is on the market; how do those properties look compared to yours. Are utilities included, amenities, close to public transportation, etc. This time of year is generally not a good time to rent in our area. I try not to have vacancies during late fall and winter through February, its just a tough time to rent. As far a rent reduction, follow the market. This time of year it may be better to offer a lower rent and get it rented then have no income.

Good Luck.