12 showings but no renter yet

[Gary Clark]

So I have shown this apartment more than 12 times and still don't have a renter.

One family said they wanted it but didn't make their appointment to give me a security deposit so I called them and they said they didn't have the money.

Another person that moved to Chicago from California last week with no job and a 550 credit score wanted it but I think that's way too much risk.

It's a 3 bedroom 1.5 bath apartment in a house. Freshly painted, free washer and drier, high ceilings, nice ss appliances, central heat and a/c, also a private rooftop deck.

If there's one "downside" there's a pool in the backyard and there's only street parking.

Rent is $1500 which is about average for a 3 bedroom in an apartment building let alone a spacious house.

I've listed it on craigslist and have had at least 20 calls and over a dozen showings. Everyone that comes says they love it but I'm beginning to think I missed something. I charge a $50 application fee per ap regardless of the number of applicants.

Anyone have any suggestions or thoughts on how I can get this place rented? This is my first rental and I'm curious if its normal to go 0 for like this.

[Jon Holdman]

Sharon Hiebing let us take a look at this. We saw this once before.

Gary Clark, $1400 to $2200 is a HUGE range. Those are not apples to apples. You need to do a detailed assessment of the other units that are for rent and figure out your correct rent. In my market, 12 showings without a tenant means its overpriced, plain and simple.

You're calling this an apartment, but it is not. Its one unit in a duplex. It doesn't have the amenities of an apartment, which may turn off some applicants. Its upstairs (walk up, I'd guess) and that may turn off others. At the least, being upstairs means a discount vs. a similar unit on the ground floor. You need to find other very similar units and figure out their rates.

Ask the people who look at it what they think and what else they are seeing. They have actually looked at other properties. They know what's out there and may be able to help you identify the issue.