Rental is on the market for two months now.
Member since 2020 · 7 posts · 2 votes
Hello,
I would like to seek opinion from members on this board about my rental place that has been on the market for two months with very little to no traffic.
I understand that Dec and January are slowest of all months in the NE but having unequivocally very little traffic is discouraging. I had already dropped the rent twice but can't figure out why there has not been any interest so far in finding a qualified renter.
Here's the link to the listing.
https://www.zillow.com/homedetails/33-Talbot-Ln-APT-3-Greenwich-CT-06830/57306528_zpid/?view=public
I appreciate your response.
Thanks!
Hey, @Sachin Sharma, I was just at Byram Park with my kids on Sunday. Practically drove right by your place.
I think you're a bit overpriced for Byram. It's frankly one of the least desirable parts of Greenwich (that's very relative, of course, because nearly all of Greenwich is lovely). You're right next to the highway (my wife and I passed on a Delavan Ave. house for this very reason) and you're a bit farther from the Port Chester station than most commuters want to walk. The rub is that close to the state line, so you're also competing with Port Chester rents.
Where and how are you marketing?
I see you just purchased the house in November. Did you buy this as a rental? If so, I'm curious to know why. You'll never cash flow with any kind of conventional financing in place. The discrepancy between rent and cost is just too out of whack in Greenwich.
We rent lower priced apartments in Central CT and it does slow down this time of year but you have a property that is requiring $6,300 to move in plus the first month. You have only dropped the price 1%-2%; try dropping it a couple hundred dollars or decrease the move in expenses.
Try allowing a small pet
I think the $6300 is a problem on top of the rent you're already scaring people off with the price. Average rents in the area are 3087 with the median being 2800. So your rental sweet spot will be between $2800 to $3087. Try lowering your deposit amount and adjusting your rent price. Make sure your rent is competitive with what has already rented in the area within the past 6 months NOT what is currently on the market. As someone suggested allowing pets will also increase your applicant pool.You may find more people willing to pay the already established prices for allowing pets. Pick one of these strategies and see if it helps as I don't believe it has anything to do with the property itself, although hard to tell via pictures.
I think the $6300 is a problem on top of the rent you're already scaring people off with the price. Average rents in the area are 3087 with the median being 2800. So your rental sweet spot will be between $2800 to $3087. Try lowering your deposit amount and adjusting your rent price. Make sure your rent is competitive with what has already rented in the area within the past 6 months NOT what is currently on the market. As someone suggested allowing pets will also increase your applicant pool.You may find more people willing to pay the already established prices for allowing pets. Pick one of these strategies and see if it helps as I don't believe it has anything to do with the property itself, although hard to tell via pictures.
Those numbers are where the market is currently at in the area as with anything I'm sure that fluctuates. Clearly something is not working for it to be on the market for so long and the numbers are most often the culprit especially in the slow season when landlords try to be more competitive in order to fill vacancies. Some landlords wait until spring market before putting their listing up in order to avoid the slow season and have a better chance at renting quickly and at a higher rent. Depends on how willing you are to take the hit for a few months.
I see you lowered the rent again that may help, but I’d also consider moving the security to 1.5 months instead. Look at your marketing and see what other sites you have it listed on as well. Facebook is a good resource as more people are using it’s marketplace for home searches. Ultimately, you’ll rent out the place sometimes it just unfortunately takes more time than usual.
Hey, @Sachin Sharma, I was just at Byram Park with my kids on Sunday. Practically drove right by your place.
I think you're a bit overpriced for Byram. It's frankly one of the least desirable parts of Greenwich (that's very relative, of course, because nearly all of Greenwich is lovely). You're right next to the highway (my wife and I passed on a Delavan Ave. house for this very reason) and you're a bit farther from the Port Chester station than most commuters want to walk. The rub is that close to the state line, so you're also competing with Port Chester rents.
Where and how are you marketing?
I see you just purchased the house in November. Did you buy this as a rental? If so, I'm curious to know why. You'll never cash flow with any kind of conventional financing in place. The discrepancy between rent and cost is just too out of whack in Greenwich.
What's your "make me move" price? Drop the rent to $2,500. If it rents Feb 1 that was your problem, if it doesn't you haven't lost anything more and you still need a solution. If you are worried about the $600 think of it this way: another empty month at 3,100 means it will take 5 more months to recoup that loss once you do realize you need to drop the rent and get it filled. The tenant you're looking for who can afford that aren't looking to move in the winter during the holidays, so it could be timing, but what will you do to convince them to move now?
Hey, @Sachin Sharma, I was just at Byram Park with my kids on Sunday. Practically drove right by your place.
I think you're a bit overpriced for Byram. It's frankly one of the least desirable parts of Greenwich (that's very relative, of course, because nearly all of Greenwich is lovely). You're right next to the highway (my wife and I passed on a Delavan Ave. house for this very reason) and you're a bit farther from the Port Chester station than most commuters want to walk. The rub is that close to the state line, so you're also competing with Port Chester rents.
Where and how are you marketing?
I see you just purchased the house in November. Did you buy this as a rental? If so, I'm curious to know why. You'll never cash flow with any kind of conventional financing in place. The discrepancy between rent and cost is just too out of whack in Greenwich.
You dropped a half million on a place and then your parents decided not to move? Wow, I can image there was a bit of tension over the holidays. Be that as it may...
I think you you may have better luck at $2700-2800/month, @Sachin Sharma. That should be enough for you to cover P&I, Insurance, and taxes (thank you, Greenwich mill rate!). Hold on for a year or two until your parents move, assuming that's still the plan. Just getting under the $3k mark will draw more attention from potential tenants.
The place looks very nice and it's on a cute little street. Perhaps you can't hear the highway from inside, but you can sure as heck hear it outside. People notice that as soon as they get out of the car. Then they think about what it's going to be like in the Summer with the windows open or when they're trying to enjoy a cocktail on the patio. It absolutely makes the location less desirable.
Where is your other rental? Near this one or closer to Rt. 1?
@Jaysen Medhurst , thanks!
There's absolutely no traffic sound in the patio (which falls on the rear side) but if someone wan't to roll up the window facing 95, that is beyond my control.
I will still be losing a lot if it goes $2800-$2900. I might have to bite the bullet and wait it out a bit longer until spring .
The other one is right off cedar street. (Closer to rt 1)
Try to lighten up the move in money requirements. Would you rather lose $3,100 every month while you wait, or only $300-$600 and get someone in for less than max rent sooner? If the specific neighborhood isn't the issue and it's just timing then remember to make your future rental contracts expire outside of the slow period. If you've had 0 to a few prospects then it's likely the cost preventing more interest.
@Shain Ismailovski, vacancy kills. Lowering by $100 will not move the needle.
Your goal was $38.4k in rental income ($3.2k x 12 mo.). You have lost two complete months because you were only willing to sacrifice $1.8k in revenue. Yet you've lost $6k already.
At some point, bite the bullet to get a tenant in there! Drop it to $2.8k for a 2-year lease. Or consider an affordable 6-9 month lease; goal is to have the lease expire in prime season. Doing so will allow you to get a 12-month lease starting in the prime season whether it's the same tenants or new.
I hear you, @Sachin Sharma. Best of luck and let us know how it goes!
Try to lighten up the move in money requirements. Would you rather lose $3,100 every month while you wait, or only $300-$600 and get someone in for less than max rent sooner? If the specific neighborhood isn't the issue and it's just timing then remember to make your future rental contracts expire outside of the slow period. If you've had 0 to a few prospects then it's likely the cost preventing more interest.
Dropping from $1,500 to $900 may attract unqualified tenants, but from $3,100 to under $3,000 wherever you land is still attracting people willing to pay $2,500 or more on rent. It's up to you, but the thing wrong with the apartment is the triple whammy of rent, move in costs, and time of year.
@Sachin Sharma After reading all the posts I noticed that you rebuked all suggestions, and all criticisms ( traffic noise, neighborhood). No pets usually cuts your tenant pool by 50%. You don’t seem to want to lower your price significantly so that leaves about 1 option. Sit on the house vacant until summer gets here and the thing rents. For all practical purposes You are standing in your own way RR
I hear you, @Sachin Sharma. Best of luck and let us know how it goes!