We had our house rented for 4 years for $1400 a month(Pet friendly), tenant moved out on May 5th. We had to Paint the whole house and fix the issues. Since that day, we had received some applications through Zillow but no one serious, we did also increase the rent fee to $1499. We are looking for 650 credit score with income 50K plus a year, we are trying to work with people, nothing set on stone. The house is on very good location but due to Pandemic, traffic is less than before. In addition, there are 4 other houses around our house going for rent by big corporations, and they are also out in the market for more than 30 days.
We have people with 500 credit score schedule tours and tell us that they are working on their credit, even though we notify everyone about requirements before schedule.
Decreasing rent can increase traffic but little concern it may attract deal seekers and people with lower credit scores.
Hey Sharon, for people with low credit, we require a higher deposit. If it's really low, sometimes we'll do a double deposit, and first and last months rent due prior to move in. Or ask for a co-signer if possible!!
We have lowered rents between 10-15% because of the pandemic. We finally have units being filled much quicker now. Hope this helps!
Try getting some PM involved with finders fee. Maybe that will help get it rented out.
another Idea is FB. There a lot more tenant that are tech savvy.
You can't stop tire kickers. When they contact you for a showing, make it super clear what the minimum requirements are and that you will not deviate from them. "I'll be happy to show you the place. Just to confirm, it is a 3/2, $1400 a month, and we require a minimum 650 credit score and $50K in verifiable income. If all that sounds good to you, we can set a time."
If it hasn’t rented in 2 months of being listed, something is wrong. Find it, fix it, and rent the property.
Over priced is easily fixed by reducing price. What is market rent for the area?
I typically list at least 1 month out to avoid looking desperate And attracting desperate people who figure I’ll let things slide to get it filled.
I usually list 2.5 months out and start dropping rent at 7 to 10 days (then every ~3 days after) depending on interest.