Suggestions for getting a property rented in saturated market

[Tony Castronovo]

I've been sitting on a rental that I listed over 3 weeks ago.  I am getting a few bites but not overwhelming inquiries.  I held a couple open houses and had some positive interest from a few folks.  Normally, this would tell me that I am priced too high.  But I've monitored the area and I feel I am right where I should be.  I am willing to drop the price.  However, I noticed that my competitors have been steadily dropping their prices about $25/50 per week at over 30 days on market.  The area is just saturated with rentals.  And although mine looks awesome with a fresh rehab, many of the others look equally nice.

Should I wait it out?  Drop the price? Offer incentives?

Note: I am not listed in the MLS (I usually don't have to). I am on Zillow, Realtor.com, Trulia, Hot Pads, Doorsteps, and Craigslist. Have also marketed on Facebook. But another option is to list it in MLS (just hate to give up that first month's rent).

Thoughts?