Michigan investors: how long does it take to rent a condo?
I recently moved out of Michigan to West Virginia. Given the market in the Metro Detroit area, I have chosen to rent out a 3/2 condo that I own. I've also handed things over to a property management company given that I'm out of state.
The property has been on the market for almost two months. For those who are landlords in Michigan, what has been your experiencing renting out property? How long has it normally taken to find a tenant, particularly for condos?
I'm wondering whether I should be pressing my PM more to get things moving faster. Any thoughts?
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
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#3 Real Estate Deal Analysis & Advice Contributor
- Rental Property Investor
- Mercer Island, WA
The amount of your mortgage payment is absolutely irrelevant to setting the rent. You, or really the manager, should know what the market rents would be for a place like yours. If you're is super nice relative to others, you may be able to get a slight premium. But being unusually nice vs. your competition may not get you the premium you might expect. Rents in any specific area tend to be roughly the same for similar units. More bedrooms, more baths and extra space will make more difference than nicer finishes.
Any feedback from the people who have seen it?