Condo rental not getting traction

[Jamie Bergstrom]

Hi all,

I have had my condo listed for rent for close to a month now. I have had two people inquire (without responding when I answer questions) and no applicants. I believe I have priced it fairly based on the unit, condition, parking included and some other amenities. Though, I assume it being winter and COVID impacting the way people are moving around these days are playing big factors. Wondering if others are seeing rental properties move or if you are also having issues? Maybe I do need to continue to lower the price, but worry about going too low. 

How long do landlords usually see it takes to see interest in your properties? Best places or market? Any tips on success?

One person told me he has most success posting on Facebook Marketplace, however even though mine is posted, I do not see my property listed when I do my own search of parameters I should fall into.

Thanks in advance!

[Greg Scott]

A property should rent quickly.  If it doesn't, it is typically one of three things.  Marketing, asking rent, or condition.

Based on your post, it sounds like asking rent and condition are "typical" for the neighborhood.   So, that leaves marketing.

We had tried Facebook Marketplace and did not get a good ROI. It generated a lot of traffic to the Facebook page we had created for our small apartment; we just didn't get much traction from it. Next we stopped paying for Facebook Marketplace ads and just posted a video of the units we were renting on our apartment Facebook page. Of course, the units were in good condition and the asking rent offered value for the area. When creating the video, I mentioned the date I created it so everyone knew it was a new video. After that, the volume of web page requests and phone calls went off the charts. Every unit was leased up quickly.