My condo is located close to a university and apartments in that area mostly cater to student population.
Condo has been on the market for 14 days. No leads so far. This is summer where most of the students are either off on holidays or have an apartment. It is a 1 bed, 1 bath. There are no 1 bed in the 1 mile radius that I can see in the rental sites like zillow, realtor, apartments. I am not sure if I priced the condo correctly as I relied on rentometer completely.
Reduced price once but no leads so far. I can that zillow is generating views close to 10 every day but no contacts so far.
How do you approach the situation when there are no comps for your condo?
We are actually in the same boat-university town with really large student/faculty/postdoc population. We listed our 3/2 too soon-it's been 40 days now for early June availability. A handful of contacts and 1 applicant who has now ghosted us. We have reduced the price once so far.
In my mind 15 days is not that long, so you could wait a little longer. The issue, of course, is that renting close to a college/university is highly seasonal in that students want housing mostly for the beginning of the fall semester.
We are going to do another price reduction. If you are not getting any traffic, it is usually a pricing issue based on what I have read on this forum. We are also going to update our photos and have them done professionally (I know folks on here have mixed feelings about professional photos).
Another issue is simply more competition. A lot of folks jumped into the rental market in the last few years and we have more competition even in our specific neighborhood than I remember the last time we rented this home out 3 years ago.
My condo is located close to a university and apartments in that area mostly cater to student population.
Condo has been on the market for 14 days. No leads so far. This is summer where most of the students are either off on holidays or have an apartment. It is a 1 bed, 1 bath. There are no 1 bed in the 1 mile radius that I can see in the rental sites like zillow, realtor, apartments. I am not sure if I priced the condo correctly as I relied on rentometer completely.
Reduced price once but no leads so far. I can that zillow is generating views close to 10 every day but no contacts so far.
How do you approach the situation when there are no comps for your condo?
What should be my strategy? Any advice?
Hi Vasudev,
We self manage our 8 units in Anchorage, AK. I would suggest adjusting the price based off similar comparable units in your marketplace simply by going onto Zillow, or other similar sites, and seeing what is moving and what price point that is. I like to save similar properties on Zillow and see how long it takes for those units to rent and for how much.
Sure seems like you are over priced if you getting consistent view without any showings or interest. In my humble opinion, rent estimates are typically off by a wide margin.