Newbie here... I have a 1 bed 1 bath in a desirable neighborhood in Denver (with covered, reserved parking which is HUGE in this neighborhood). It was priced at $2,000, but had since been lowered to $1900. It is on the higher end of 1bed 1 baths for rent, however similar in quality to others in the area with similar prices. I just can't find a tenant. I have done a few showings, but nothing is sticking. Any suggestions? Do I need to lower rent again? Wait it out because of COVID?
If you want to get a good rental price you could use Rentometer. You could also use Property managers to find a tenant for you. Get some knowledge on Property Managers
Where are you posting the rental ad? For me, Facebook marketplace is #1 followed by Zillow Rental Manager and third would be Craigslist.
Also, search the rental ads on Facebook as well as Craigslist to get an idea as to what comparable rentals in the area are renting for.
I would lower it again and advertise the lease term for just a few months. When summer rolls around you may be able to increase your rate again!
Why not medium term it via airbnb?
I would start by reaching out to some of the people who you showed it to and ask them why they chose not to proceed. Gather some real 1st hand feedback and you may hear a common theme come of each of them regarding price, location, vale, layout etc. The data and calculators will tell you one story but the consumers may give you a different perception. Perhaps interview some property managers too and get their feedback. Use the info to drive your next decision.
Normally comes down to price and product you have to figure out what is the challenge if people are calling on the phone and coming to look at the property then it's price correctly and you have something wrong with the product.
If nobody is even calling you then it's not price correctly or you have some sort of marketing problem.
I may suggest talking to some realtors in the area as well as property management companies that do this for a living on a daily basis amount of money you're losing Everyday by not having the property rented you could have just had somebody lease it for you.
Also don't forget you're assuming that you know how to screen and do the proper credit criminal background checks on the tenant which is what actually gets more people into lawsuits for violating tenant rights.
I would just make sure that I was familiar with all the laws as well as all the marketing that is going on in your area if you don't have the time to do that it's okay that's when you hire someone to do it for you
@E Norton I am sorry to hear about your difficulties with renting this property. Have you looked into your property management options in the area? Are you not interested in having a property manager? Most qualified property managers have systems in place that will help your headache. If not, no worries. There are definitely other alternatives but you might want to clarify here so that others in BiggerPockets can assist.
In regards to Covid-19, while it may be a factor into you having less showings . . . . It should not lower your ability and chances to get this property rented. If the property is one that is desired, the right systems in place marketing wise, and a product residents want – it should not be pending too much longer.
Best of Luck,
You should be looking at your conversion rates to identify the problem:
Webview % converting to inquiries?
Inquiry % converting to calls?
Call % converting to scheduled showings?
Scheduled showing % converting to actual showings?
Actual showing % converting to applications?
Each of these indicate a different type of problem in your marketing...
wow...$2K/mth for a 1/1 and a carport? Huuuummm. The Denver metro area for a 1/1 + carport closer to $1250 - 1450/mth. And as suggested, ask the people who toured the rental. Get their feedback. Their feedback is your Denver marketplace talking to you and telling you what it wants in monthly rent. Listen and consider their feedback. The marketplace always gets what it wants and not necessarily what we landlords want/wish for.
I agree with the comments above. Also, my property manager calls this upcoming time of year the "renter black hole". Could you try taking new photos, add new marketing channels, or better emphasize the benefits of your property in the listing?
You are probably priced too high or need to relist it with better pictures. Even right now, if you aren't getting showings/activity, then the people looking at your listing.
Also, it is a good idea to do a shorter lease sometimes. This is the perfect time to try that because you can rent it for 3-5 months, and then re-rent it in a much better time for finding tenants during the summer months.
Thanks for all the great advise. I got a tenant in a couple weeks ago.