Apartments vacant for months
We've got two properties that have been vacant since they were first advertised in August. We've updated photos, added listings and yet we've received little interest. Pricing seems to be fair compared to other properties in the city but we have discussed offering incentives. The Zillow listing is through RentRedi so we unfortunately cannot put the photos in the order we would like, we'll most likely end up deleting the non eye-catching ones. Any advice? Links to properties below.
https://www.zillow.com/apartments/macon-ga/377-cotton-ave/9C...
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There are only three reasons a unit won't rent. 1) The product is not good 2) The price is not right or 3) You aren't advertising
I easily found your listings and the pictures looked very nice. That leaves the pricing in question.
Within a half mile there area several units being listed for less than $1,000 per month. Your unit is listed at $1,200 per month. Yes, I see several other units there listed for higher amounts, but many of those have been on the market longer than yours.
- $1,395 per month, been listed 400 days (That is just stupidity!)
- $1,295 per month, been listed 228 days
I'd recommend dropping your rent to $1,095 per month. You'd probably rent it quickly. If it doesn't rent in two weeks, drop the price to $1,045. If it doesn't rent in the two weeks after that, drop it to $995. I know the emotional reaction is that you don't want to "lose" the rent you could have gotten, but right now you are losing the time you could have had it rented. Holding out for the highest rent almost always reduces profitability.