When to drop rent?

[Justin Case]

I have a unit available May 1st. I have shown it to twenty parties. I received two applications. First party would be a great tenant but did not make enough money, had very low combined income, past on them.
Second applicant past all checks great and just notified me they are waiting to hear back on four other properties and will let me know by Tuesday.

I have not had a response to ads since Tuesday. My rent currently is $50 lower than the nearby competition and the unit has just been redone a year ago and it has a driveway for free parking like most in the area do not. I have received a lot of compliments on the unit but no one is biting like usual. The rental market is looking like it did during the recession. That is what makes me nervous. I have kept track of the other nearby rentals that are available since mine went up and they are still advertising as well.

When should I drop rent and by how much to generate a larger applicant pool and be more competitive to the competition? Wait until the first when it goes vacant or drop it after I hear back from the potential tenant on Tuesday?

[Bryan H.]

I'd wait until 2nd week of May to lower. People are shopping right now as they have 10 days until their lease is up. As the end of April approaches, they will begin to make decisions and the dominoes will fall. If after the first week of May you are the only one with a vacancy, then I'd lower the price.