Having Trouble Renting My 3/2 Student Condo

[Chris Eaker]

Hello All,

I have a 3-bed/2-bath condo in an area where mostly students live. It's a nice condo, relatively new, and comes with free off-street parking, which is valuable around a college campus. It has been rented by the same tenants the last two years at $1800/mo. They're moving out at the end of July.

I have had this condo on the market since March and I have had maybe 3 inquiries about it. I started at $1800, then steadily dropped it and now it's at $1575. I don't know why I'm having so much trouble other than maybe the market is saturated now. There has been alot of new student apartment construction over the last 2 years. 

It's currently listed on Zillow, Trulia, Hotpads, Craigslist, Realtor.com, etc. What do you suggest I do to generate some interest in this unit? My break-even rent is $1410. That still includes allowances for maintenance, taxes, insurance, vacancy, etc. Below that I lose money on it.