Strategy for finding a tenant in December?

[Manuel Melendez]

Hey folks,

I’ve had my first LTR property in Jacksonville, NC listed for about 10 days now. It’s a townhouse listed for slightly over the average market rent for comparably sized townhomes, which I did because it’s also a nicer example than what’s typical to the area. 

So far no takers, and my gut tells me that if dropping the rent by $75 would get me a tenant sooner, that’s better than missing out on $1,075 of potential income due to vacancy. 

Does starting out in the slow season likely mean that I need to be less ambitious with rent prices, or is 10 days on the market without a finding a tenant reasonable? 

Thanks! 

[Nathan Gesner]

Quote from @Manuel Melendez:

It's common for the rental market to slow in the winter, particularly around the holidays. A couple tricks:

1. Lower your price, but never lower your standard.

2. Offer a month-to-month lease or a 6-month lease. This can attract more potential renters to get you through the winter months, then you can rent it for a full year and get in on the spring/summer cycle.

3. Offer an incentive like a % off their second month of rent. I don't recommend discounts on the first month because you don't want someone moving in cheap and then they can't afford the second month of rent.

4. Increase exposure by marketing on multiple platforms.

5. Make sure your pictures are good, your description is well written, and try to add a walk-through video that makes it easier for viewers to get an idea of layout, neighborhood, etc.