Why can't I find tenants?
Hello All,
So my wife and I have owned a duplex on the NE side of Grand Rapids for the last 7 years and have never had a problem finding tenants. We are situated right between downtown and Knapp Corner with easy access to the expressway. Both units are updated and in great condition.
Recently we bought an identical duplex right next door. The plan is to move from our current duplex into the new one so that we can update that one as well.
So in my current duplex I listed the 2 bedroom apartment for $1200 and had multiple qualified applicants within a couple days. In the new, un-updated, duplex I listed the same apartment for $1100 and again had multiple qualified applicants within 48 hours.
However, I've had my 3 bedroom, 2.5 bathroom, 2200 sq/ft, apartment listed for almost a month with almost no interest at all. The apartment has an attached garage, large fenced in backyard, and private laundry. I'm asking $1350 which is only $150 more than the 2 bedroom.
What is going on? Is it the wrong time of year? Is the rent to high?
Any help would be much appreciated.