Rental is getting plenty of showings but only 1 application

[Robert Coleman]

Hello!

I need advice on how to get a tenant quickly for an apartment unit in Mill Valley, California. The apartment is a 1 bedroom 1 bath unit located on 30 Central Court, Mill Valley, California. The property management group that is managing the property has told me that the apartment unit has gotten showings but only 1 applicant that fell through. The property has been on the market for a month and I am concerned that it may be several months at this rate before the property is leased.

The listing can be found here: https://www.progressivesf.com/...

The rent for the property is $2,627 a month. I have spoken with a real estate appraiser who used rent-o-meter and they confirmed with me that the price is appropriate based on comparing three other rental units in the Mill Valley, California area.

I am attaching below photos of the unit. The unit was recently remodeled and is in very good condition. There is also a pool and a parking space available and the surrounding area is quiet, safe, and has access to good schools and is closeby the Strawberry Village Shopping Center

Outdoor View

Kitchen

Bedroom

Living Room

Bathroom

Patio

Question

Do I need to lower the rent on the unit in order to get a tenant quickly? If so how much?

[Nathan Gesner]

Don't rely on computer algorithms. They compare objective facts (square feet, # of beds/baths, etc.), but they can't evaluate subjective facts like the view across the street, the cars sitting in the parking lot, the size of each bedroom, etc.

If you get a lot of showings but no applications, then it's clear the price isn't right for what you are offering. Lower your price, but do not lower your standards. I would drop it $200 and see what happens over the next week. 

In the future, consider collecting feedback from people looking, particularly if they look like a good prospect.