Need Help, Rental is not renting.

[Jon S.]

I am having trouble getting one of 3 very nice units rented. I'm not sure whether to lower price or install a washer dryer or take other action to get it rented. Our triplex was fully renovated in early 2016 and fully occupied quickly by Mid-2016, and the units rent for $1600, $1600, and $1650 rent. However, this year one unit isn't renting and isn't getting much inquiry from the web ads. The bottom floor is split into 2 units, the top floor is one unit, which is stylish like a loft. All 3 units are 2/1 designs with new stainless appliances, granite counters, wood grain tile floors, nice lighting, and all have nice private outdoor yards, and plenty of parking.  The bottom floor units are about 800+ SF and the top unit is 700+ SF. It is near a private university, which is where most of the tenant inquires come from. It is also near downtown, and conveniently located within a short drive to other business districts, so we get some inquiries from professionals. But so far, all units were rented to students, and they still look like new. Turn over is annual. When school let out, and leases were up, we had 2 units pre-rented about 2 months in advance of available move in date, so we didn't lose revenue in the turnover period. But one unit, the upstairs loft unit, which is considered to be fancier and more desirable, didn't get rented. The tenant just moved out yesterday, so the unit is available Sept 1, but I don't have many inquiries. The rent listing started at $1700 because its a cute unit and I had a lot of time to find the right market price, but even after I dropped the price a few times till it got to $1600, there was a lack of inquires. Now I fear I have lost the incoming students starting the new school year and am not sure if its too late to get them. I've heard some students are still looking. But I'm not getting the calls. Do I keep dropping the rent, below what the other two units are at? The other two units are at $1600 and $1650. Should I offer the upstairs unit at $1550 or $1500? Will doing so effect the future rent value of the other two units? Do I need to start looking towards the professionals market? How do I know what price to drop the rent to? Everyone that looks at it compliments it, says its beautiful, but doesn't rent it. I suspect its because one bedroom is small, but to most students that didn't matter, as it is more than sufficient for a full size bed and a desk. However, I think that might be the drawback. I did not have this trouble last year, the first year it was available, as the 3 units were rented pretty quickly last year. And all the tenants were happy. Last year the tenants were all seniors who had one year of school left so now they have graduated, so there was full turnover on all three units.  I wanted juniors and seniors, but now I have some sophmores, so my turnover might be better next summer.  The units have washer dryer hook ups but I don't provide the machines. Should I get a stackable washer dryer for the unrented unit in order to attract more inquiries? I've avoided buying laundry machines so far, in order to not be responsible for their maintenance, but I am willing to buy a stackable if that's what it takes. Or is simply dropping the price until it rents the best strategy? Is there a particular rule of thumb in how much to drop a price? Thanks for your help and Sorry this post is so long.