Time to drop rent price?

[Brandon C.]

Hello! I have a SFH outside Nashville. Timing wasn't on my side when I closed. I knew it was going to be tight to get everything ready and hopefully rented by the time school started. I closed on the house on June 26th. Worked hard and repainted the whole thing and did some minor updating to get the house ready. Showings began on 7/5. I'm advertising on all the major free sites. Over the past week, I've had 15-20 calls/emails about the house. Had about 10 showings scheduled and 6 to actually show up. Right now there are 4 houses (including mine) for rent in the neighborhood close to the same sq ft as mine. I'm listed at 1225, then there are 2 at 1200 and one at 1250. I've had 1 couple apply and I denied due to them showing up 45 mins late to showing and they had terrible credit. One was going to apply until I told her (for 3rd time) no dogs. Another was going to apply except he had poor credit and his two room mates "didn't have credit". One couple loved house but master bedroom wouldn't fit their furniture. Another lady said she would be all over it if it was just her, but her and her friend each had teens that would have to share a room. Everyone has loved the house and how it looks. People say it's priced well. Just no takers. The reason I'm considering dropping price from $1225 to $1195 is school starts 8/10. I have 1 showing set up for Monday. Today is the first day I've not been contacted by anyone. Do I need to sit tight for another week or go ahead and drop price? Appreciate your help!

[Bryan N.]

@Brandon C.

In my area the serious people come out the last 10 days of the month.  Last month I dropped the price on a rental $50 a month due to other rentals coming on the market at the same price.  Mine was nicer then those.  I rented it within three days when I dropped the price just below the market level of everyone else.  Those other rentals are still on the market.  I rented mine for $1,200 + $25 per month pet fee.  The people at $1,225 - $1,250 are still vacant.   I can easily get $1,275 for mine, but this time of year there is too much inventory on the market to compete with.