How long of vacancy until reducing rent?

[Mike Abbate]

New landlord here with first rental property. I have had the property on the market for 10 days with 3 showings with positive feedback however, all prospective customers have commented how the rent is slightly above average for the area, which is true. The rent is slightly higher due to the unit having its own personal, custom made pool. The unit also has a brand new AC, new pool pump, and a kitchen remodeled in 2017 with new appliances. Therefor, I am about $100 above comparables in the area. 

I am only cash flowing $200 at the current rent rate (not including vacancy, repairs, and capex) and so could drop the rent $50 and still be OK. 

So the question is: How long to wait with vacancy before going down on the rent? And is this a tough time of year for rentals due to the holidays?

Thanks!

[Greg M.]

If all prospective customers have commented how the rent is slightly above average for the area, then it is clear that they do not value the improvements nearly as much as you do. You need to lower the rent. A nicer unit at average rent will be a quick sell.

You talk like a proud father about his new baby, not like an investor.

• Personal, custom made pool: Nope, it has a pool. Are pools standard in your area? If so, not added value. Also, custom designed doesn't add any value to a renter as the renter didn't design it.

• Brand new AC: Renter only cares that it has a working AC.

• New pool pump: In the history of the world, the words "I'd pay slightly above average rent for this place since it has a new pool pump" have never been spoken.

• Kitchen remodeled with new appliances: This is the only thing that I can see allowing for higher rent, but it's going to depend on how nice of a remodel it is and what is expected in the area. Remodeled to standard rental unit kitchen with average appliances for the area or do you have quartz countertops and high end stainless appliances that are well above the competition?