How long is too long to be vacant?

[Brian Moyers]

This is my first buy and hold single family. It has been on the market for just over a month and I have adjusted down rent 3 times already. It’s priced fairly but I am getting nervous as each week passes by without a tenant application. Is one month vacant longer than you would usually expect? I was hoping I would have had an application the first week! Pipe dream I guess...

[Nathan Gesner]

It's always price.

If you have a 2-bedroom listed for $800 and all the other 2-bedroom units are listed at $750, you'll sit vacant.

If you have a 2-bedroom listed for $750 and it's not as nice as the other 2-bedrooms listed for $750, you'll sit vacant.

If you have a 2-bedroom listed for $750 in a C-class area of town and B-class 2-bedrooms are listed for $750, you'll sit vacant.

If you have a 2-bedroom listed for $750 and there are 40 others just like it in the same price range, you'll sit vacant.

You have to price it right based on size, condition, amenities, location, and demand.