Rental price suggestions

[Joe T.]

Hi all,

I recently bought my first property and I have had it up for rent for 1 week listed at $1250.

The link to my property can be found here - http://www.realtor.com/realestateandhomes-detail/9...

I am thinking about dropping the price down to $1200 to be more competitive in my area. I am not willing to go below $1150 though, which is determined to be "fair market value" according to my appraisal. According to my realtor, it should have been rented out within a week, based on what he can see on the MLS for similar homes.

I have had 5 people view the home, and 3 cancel. There was supposed to be one application submitted, but it appears that it was never sent to my realtor. Does anyone have any suggestions on how I can get my property rented? How long should I be willing to wait before dropping the price? I have my first mortgage payment due on Sept 1st.