When do you drop the “asking price” of your rental?

[Alyssa K.]

Currently trying to get my first investment property rented. I’ve had a lot of interest, but most of the applicants who have made serious steps to apply have been real “winners”. Note my infamous chicken post. Thanks to the conversations from that post I’ve tightened up my processes, and pre-screening has become a breeze. But now I’m stuck at the worst time of year with a rental I NEED to get rented because I close on my next investment in Feb, and need this property off my debt to income to float 3 mortgages (the rental, my current home turned live in flip that will become a rental in June, and a new live in flip that I’m closing on in Feb and doing a lease back until the end of May). The only comp, because this is a 1/2 acre property out of city limits with no HOA, was in the same neighborhood and rented for $1600. Mine has better upgrades and lawn care included for $1650. At what point do you just “cheap sale” rent it? Do you have a threshold of how low you can go? Cost? Cost + $$? Any and all advice is appreciated! It’s for lease by owner (my DBA name is what applicants see).

[Peter Tverdov]

Don't over think it. It's supply/demand. If you have tons of people viewing it, price is too low. If you only have a few people, price is too high. Adjust accordingly.