Long term rental vacancy vs. market rent
Hi I have just moved out of my previous house, which is a 5Bedroom 4.5 Bathroom in a premium location. Im wondering how long is a normal range of time for a high-end market long term lease to be in place, like rent for $10k per month ? I had someone almost signed the lease one week after listing, then it falls off, it feels like forever to me now. Im wondering how you balance the vacancy and the market rent. Would you lower your rent to lower than market price to get more vacancy ? at which point would you do so ?Thank you in advance
Most Popular Reply
#5 All Forums Contributor
- Plymouth, MI
There is no magic number. Each market/area is different based on too many factors to list here. The best way to get your answer is to analyze the rental comp history in the immediate area of, and the same size as, your property. That history will tell you how long it took to place a tenant for your house based on the rent.