Having trouble renting my first investment property (Denver, CO)
Hi all,
I just bought my first investment property last month, and I'm having trouble getting renters interested in the property. It's a small 2BR/2BA, about 820 square feet, just outside of Denver, CO (in Wheat Ridge, about 15 min drive from downtown Denver). I don't live in Denver, so I'm using a property manager. I checked with 4 or 5 property managers before deciding on one, and they all gave me rental estimates of 1300-1400 per month. I settled on a manager who has been marketing the property for about 3 weeks, and so far I have zero interest. I started asking 1425, then dropped to 1325, and just last week dropped it to 1250. The property manager is now telling me they don't think I can get more than 1200.
I don't want to make a rash decision and drop the rent to below market, but I also don't want to leave the property vacant. Any tips on how I can get more interest?
If you want to see the listing, please reply and I'll post the link. Thanks very much for any help or advice!