How long should I wait before lowering my rental fee

[Kinross Mitchell]

Hi there,

I am not getting any offers from tenants to rent my 2 bedroom flat even though it’s lower priced than others in the complex. How long should I wait before lowering the asking price and wait are the risks associated?

Thanks

[Brad Hammond]

Hi @Kinross Mitchell, it depends on your local market but if I don't get much traction within the first week, I will do an adjustment.  December is not a good month to be looking for tenants so that could be part of your issue.  Instead of lowering the rent, you could also try to give a few free weeks of rent with a signed lease.  That might be cheaper for you in the long run and you can still increase their rent based on the higher amount when they renew.  You could also try to allow pets if you are not already.  The key is to get your property to pop up for as many people as possible when they are searching for a property.  One last thing, compare how long your property has been on the market with others in the building.  They could be having a similar issue.