Attracting Tenants and Pricing Correctly

[Elizabeth Ashantiva]

Hi Everyone!

BP Newbie here. So we just bought a 4plex in Minneapolis to househack. We’re living in 1 and renting out the other 3. 

My problem is that we have only had 2 inquiries that haven’t resulted in applications in 4 days. The units are all 1beds in a relatively good area (not premium location, but close to everything). Our price is 1075 plus 100 for garage. No pets. Just updated the floors and paint, so it’s looking good. Listed on multiple sites.

My question is how many inquiries should be expected if we priced correctly? How quickly should we change our tactics or price?

I’m worried about not filling the units before winter with mortgage payments due. On the other hand, also worried we won’t be keeping the property above water with rents reduced significantly.

Still learning and know we will make mistakes along the way. 

Thank you!

[Noah Chappell]

@Elizabeth Ashantiva congrats on the 4 plex in this hot market! If you're not getting hits, make sure your pics are great, keep your description short, sweet and inviting, and make sure it's broadly advertised. 

In winter you may need to low the price to get it rented, then offer 6-9mon leases, which will allow you to rent or tenants to renew with rent raised to market during the hot leasing season. 

Try to advertise the same or similar rent in a more appealing way. Ex 1 bedroom, $1150/month, for a limited time 1st month free and garage parking included at no extra cost when availability lasts! 

Unfortunately you may need to lower somewhat, $1175 total monthly is pushing it for a 1br that isn't new construction.. 

Good luck!