When to lower rent to get more interest?

[Gladys Cepeda]

Hi there! I currently have 2 apartments that I just finished renovating. The apartments look beautiful, clean with very nice upgrades. The location is great and the rents in the area really vary. Im about.04 miles from Providence College. A few blocks closer to PC the rents are higher and I am sort of on the cusp of the end of the college rental area to the beginning of a different neighborhood. So the rents really vary. I posted my first floor apartment 21 days ago and have had NO applications. I posted the 3rd floor apartment and almost no interest. Its def. not the apartment itself, they are in excellent condition. My realtor got professional pics done and they look great online. I just dont know why its not renting. The other apartments in the area are also in good condition and are much more expensive then what im asking. I decided to lower it up to 125-150 dollars (from 2300 to 2150) and (2100 to 1975). I saw the drop on zillow and just panicked. I feel like i made a huge mistake. Please advise. What are we doing wrong? Or should I just leave it now at this reduced price. Am i panicking too soon. I understand its winter but 3 weeks and no application is concerning. what do you think? Please help. Yes Im a newbie.

[Gladys Cepeda]

Thank you so much for your reply. You made some really important points. I appreciate your definition of "market rent"- i certainly dont want a high turnover and want to make sure this gets rented sooner rather than later. Curious to see hoe this plays out. Appreciate your time.