General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 6 years ago,
How long of vacancy until reducing rent?
New landlord here with first rental property. I have had the property on the market for 10 days with 3 showings with positive feedback however, all prospective customers have commented how the rent is slightly above average for the area, which is true. The rent is slightly higher due to the unit having its own personal, custom made pool. The unit also has a brand new AC, new pool pump, and a kitchen remodeled in 2017 with new appliances. Therefor, I am about $100 above comparables in the area.
I am only cash flowing $200 at the current rent rate (not including vacancy, repairs, and capex) and so could drop the rent $50 and still be OK.
So the question is: How long to wait with vacancy before going down on the rent? And is this a tough time of year for rentals due to the holidays?
Thanks!