Cannot find a rental tenant: Ohio City, Cleveland, Ohio

[Dillon Morrison]

Hello,

I recently acquired my first rental property in a nice part of Ohio City, Cleveland 44113. It's a 2bd (with a large office as well), 1.5ba upscale unit in great shape, very well-maintained, and very close to bars, restaurants, and transit. The pricing for the unit is higher than surrounding 2bds, but is also in much nicer shape and much more spacious. I'm also charging less than Rentometer suggests I should.

There are a few equally nice units a few blocks away that charge comparable rent. The unit has been on the rental market for about 4 weeks now (Zillow, Redfin, Facebook Marketplace, Craigslist), and I've had some inbound interest, but not nearly as much as I expected. Only a few showings, which have gone well, but not one person has actually applied yet. I know it's off-season right now, but this feels way too low.

I guess my questions are:

1) how long do units usually sit on the market without getting rented out this time of year?

2) Is price the main lever I should look to pull? I know Id probably get a bit more interest if I lowered rent, but I'm not sure if pricing is really the reason for low interest. The potential tenants that came for showings did not seem remotely put off by the rental price. 

Any help is greatly appreciated. Thank you!

[Patricia Steiner]

The market - not a rent meter - determines the price.  If you have over-improved the unit for the market, it is highly unlikely that you will reap a higher rent price...the market just doesn't support it.  You can spend more money on photos and staging but those do not override market price either.  What you might consider is renting it for six months (if legally possible) rather than a year at a lower price (using the highest price near-comp to yours) and then raising the rent at lease end when the market is high.  Timing does play a role here and you may just want to hedge your position, start the cash flowing, and then revisit a higher rent when the market is humming.

Hope this helps...