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Updated over 15 years ago, 06/13/2009
Rental value: How Low should I go?
All,
I put my rental property for Rent, in San Diego. Currently it rents for $1975 and I tried to rent for same value and did not get a good response. Zilpy, Rentometer etc also show that this price as with in the range. (one site says 60% of homes are below that value; other says range is 1850-2050).
I did not have luck of good tenant yet, inspite of 3 weeks of being on Craigslist. I spoke to a local property management to see if they can get a client. Initially they advertised everywhere as $2000.0/month. Since they did not find any one now they want me to put at $1800.0. (property management company charges initial payment which I made already and if they get a client, they get some more. So I suspect they are looking to get clients over fair price.).
Question is: How do I decide how low should I put the rental value? I can put the lowest in the range, but that's like missing out. I am trying to go down in Steps. Any ideas or suggestions?
Thanks
Nagesh
PS: ad is here: http://sandiego.craigslist.org/csd/apa/1021935715.html
PPS: you have been of great help for my earlier questions. Thanks much.