New Rental advice

[James Harryton]

I recently bought a home in Avon park Fl. The rent in that area goes for 1500-1600. I have mine for 1800, I’ve been receiving a lot of attention on and people have been touring it a lot, however no one has finally made the next steps to move in. Should I drop the price to 1700? I’ve had the home listed for about 30 days now 

[Ben Trageser]

If the rent in the area goes for $1500 to $1600 then may make sense to drop it. It all depends if you are okay sitting on it for a little while.

[Nathan Gesner]

Quote from @James Harryton:

I recently bought a home in Avon park Fl. The rent in that area goes for 1500-1600. I have mine for 1800, I’ve been receiving a lot of attention on and people have been touring it a lot, however no one has finally made the next steps to move in. Should I drop the price to 1700? I’ve had the home listed for about 30 days now 

We can't answer that without all the details. What is the size of your home? Quality? Location? Is yours unique, or is there a lot of competition?

It would help if you studied how your home compares to others and ensured it is priced right. If you have a 3bed/2bath with 1,800 square feet, granite counters, tile floors, and attached 2-car garage, then you want to look for homes that have those same features and see what they are renting for. The biggest things to compare: location, beds/baths, square footage, quality.

Keep in mind, there may be ten other homes priced at $1800, but that doesn't mean they actually rent for that price. This is why it is important to look at the market regularly and maintain an understanding of what prices are doing.

When you are actively marketing a home, I recommend looking at the market every day or two. If you advertise at $1800 and get no action for two weeks, then consider dropping the price.

Always lower your price, not your standards.

[Laura Stayton]

Quote from @James Harryton:

I recently bought a home in Avon park Fl. The rent in that area goes for 1500-1600. I have mine for 1800, I’ve been receiving a lot of attention on and people have been touring it a lot, however no one has finally made the next steps to move in. Should I drop the price to 1700? I’ve had the home listed for about 30 days now 

 If the rent in the area is $1500-$1600 and you're priced at $1800 then it's price (assuming yours is comparable to those).  People may come through to see why yours is priced so much higher but will rent others.  Why would you price over market?  Just curious..

[Heather Bailey]

If the rent in your area is in the 1500 to 1600 but you are at 1800, perhaps you can post some of the features that make it worth more than your area comps, i.e., new renovation, outdoor space, free parking, in unit laundry, extra storage, utilities included in rent.   Do you have any of these that can justify the price so prospective tenants can see that the net cost is equal?  You can also say in your listing things like: fist month free...   can that work in your budget?   

[Jake Knight]

Are you getting feedback from your showings?  The fact that you are getting showings is a good indication of interest and price is close to market.  Is the condition of the property good?  If you're trying to fill the vacancy as quickly as possibly you should price ver  y competitively.

[Alecia Loveless]

@James Harryton I have been filling up a building with high quality grade materials and amenities. My prices are a bit higher than market value.

Every time I have listed a unit I get tons of Facebook trolls stating that I should be ashamed of myself and that my price is too high.

When I rented the first unit in March I landed a quality tenant in the first 2-3 days.

When I just rented the final unit about a month ago it took about 20 days to land a solid tenant.

I think if your property has upgrades that make it worth more you may just have to wait a little longer as it seems the overall rental market is taking longer.

If your property does not have additional upgrades that make it worth more on the market then you likely need to drop the price.