Rental property - should I increase the rent?

[Andy Wilson]

I have my first rental property now put on the market. I am having one or two applicants everyday and some of them really want it and are willing to pay several months upfront. But I am not really interested in “bulk” money.

Should I increase the rental price or just wait for the most qualified tenant to come? The number still makes sense but obviously bigger number is better.

[Joe Aiola]

@Andy Wilson I completely agree with @Twana Rasoul. Vacancy kills cash flow. I would also strongly suggest changing your viewpoint on "bulk" money upfront. Why wouldn't you want that? If someone gave you several months upfront, that's an immediate weight lifted off your shoulders. You don't have to hold your breath to see if the rent comes in and it gives the tenant more time to budget for future rent. Especially what we're going through now with Covid-19.