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Updated over 6 years ago, 08/16/2018

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3
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Ngan Nguyen
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3
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Is it too early to lower the monthly rent advertised?

Ngan Nguyen
Posted

So I just started out with my first rental property. I posted my rental ad on multiple platforms (zillow, trulia, zumper, craigslist, apartments.com) and set the rate about 10% higher than the market with the intention to lower it gradually and also my unit is freshly renovated and nicer than the comps. I posted from Saturday (today is Tuesday) and I have received one to two inquiries every day. 2 people have toured the property but no one submitted application yet. 

Is it too early to lower my rent rate or should I give it a few more days? Is the level of interest that I received considered normal? This is my first time so not sure what to benchmark to. Thank you for any input!

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