I been looking for tenants throughout Jan till now. Another homeowner was telling me to be a bit patient and not drop price yet because these months are very slow. He said the best months to rent out is March to May.
What do you guys think?
Do anyone have monthly statistic data for renting properties in Bay Area?
any time in calif is good to lease. U drop price until you get the traffic. It is likely to be overpriced.
Depends on the area, but yea people rent all the time. Last year when I was moving I had fierce competition each place I went to.... tons of apps. Like said, if you're slow it's likely over priced or you have terrible ad.
I went to market in November and found a tenant in December. This was a higher end unit in south beach, San Francisco. It was not easy but it was also low season. I’d venture to think that this is a good time and things should pick up in the market if you are priced right.
@Louis W. What neighborhood is your property located in? How about price point and size? Have you had any feedback from showings on the price or amenities?
@Louis W. if the home is suitable for a family the best time is the summer when school is out. If it is near a University the best time is the month before school starts. If neither of those apply and you are sure you are not over priced then maybe you are not getting enough exposure. Internet marketing is essential and there are some sites that are really helpful to be on. However, the pictures of the house must be good and the availability of showings generous.
It's got to be the price. Have you checked Craigslist for other rentals in the neighborhood? San Francisco is still a very hot market for rentals, if you price it right. My tenant gave notice end of September last year, I started marketing right away, started showing the house (after tenants moved out) on October 25th got the new tenants to move in on November 1. And this was in the Bayview neighborhood.
@Louis W. I was looking for a tenant in fall and it was not easy. Tons of inquiries and looky look. However, I'm also very picky and rejected couple people. So it took couple months
Thanks for all the help everyone. I was able to find some statistical data on this website. https://www.renthop.com/study/national/seasonality...
But they don't have data on San Francisco.
If SF is like New York, things are slow from Dec to March.
I did have some applicants with my price, but they don't satisfy the background check or income requirement.
SF has been slowing down, both resell and rental markets, since q2 2017....
When I first posted about it, I got smashed.... Well, it is now apparent ....
You will have to drop your price these days...
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