How long was you longest vacancy length?
We listed our first SFH for rent about 2 weeks ago. We have had several inquiries, but only 2 showings. The individuals we showed it to did not meet our requirements. They either had low credit scores, inadequate income or both.
We are wondering how long we should wait before lowering the monthly rent. I'm not sure if the price is the problem. It looks like our price point is right in the middle of comparable properties. There are some less and there are some more.
What is the longest time you have had a property listed without getting a tenant? What strategies did you use to attract applicants?
Most Popular Reply
@Angela Smith after two weeks you know if you are "in the market" or if you are "out". We have a signed lease within two weeks, sometimes faster and three at the most. Most renters have a short decision time frame, meaning they will sign a lease within two or three weeks of entering the market place. If they don't rent with you they signed someone elses lease. If they did it usually comes down to either price and or condition. Depending on your local vacancy rate you can assume that the majority of places get rented out within a couple weeks, if yours did not make the cut, that means that the market has determined that other places were more attractive than yours. You can get a good idea about what is being offered by studying Zillow. If you are not sure, take a weekend and go mystery shopping and look at your competition. See what they are offering and for how much. You will quickly understand what changes you will have to make.
Competing with other rentals is like the old joke with the bear. How do you escape, if a bear is charging after you? You don't have to run faster than the bear, you just have to run faster than the other guy.