It took almost 5 months to rent out our house!!! OMG

[Vy Mai]

The tenants move in today. What a relief... for a year. We've been doing AirBnb in the past 2 months to make mortgage payment and it actually turned out great.  However, it's not the right path for us right now time wise so we are SO HAPPY to find permanent tenants!!!

[Russell Brazil]

Originally posted by @Vy Mai:

@Russell Brazil I was thinking that but I'm still not sure if that was the reason.  I mean we had a lot of applications but not qualified ones. Our standard wasn't high either. As long as they don't have late payments or bankruptcy, credit score above 600s... we were fine with that, but it wasn't the case.

 Applications coming in from unqualified tenants is indicative of the rent being too high. Low quality tenants will have to reach into higher priced rents since they can not qualify, and then are forced to pay above market rents..

Each time I have a tenant turnover the same things happens, because I try to push the rent to the highest amount possible. I start at X, I get a number of showings and unqualified applications,...I drop the price once or twice, and when I finally hit the equilibrium with the price drop, I get several qualified tenants applying at once. Happened to me just in the past few weeks as it has the same way for the past 6 or 7 years for me.