Collin County Rental Market

[Manasa Srinath]

Hi All

We put our home for listing mid August, the current tenants (who were excellent by the way) are vacating tomorrow . We listed the home the same lease that our current tenants were paying, the home in Collin County with an excellent school district. However we had only 1 enquiry in the last two weeks and prospective tenant did not get back to us with an application. We have hired a realtor for the listing however I am not sure how much marketing he is doing since there is no activity on the listing. 

The DFW and particularly Collin County rental market has been hot and we have not heard any issues with renting, are there signs of this slowing down now, should we start reducing the lease price since it has been more than 2 weeks since we listed. I understand that we listed the home after the school districts opened in this area but this was a red hot market for home sales and rentals and we are surprised to see that there is no interest. The home is in great condition and it is less 2000 sq ft with 4 bed/2 bath.

Anybody with knowledge of the rental market would appreciate tips/suggestions. I think we got spoiled as landlors since when we bought the home we leased the house on the day of closing...

Thank you

[Carl S.]

@Manasa Srinath I would say missing the start of the school year is probably what is hurting the most. You also have to think about the demographic which your property appeals to. My suggestion, not knowing your circumstances nor the condition of the property, would be to reduce the rent so you can get it occupied ASAP BUT only offer a 7or9-month lease term, so they are out in May'19! Then do a good make-ready/light rehab (possibly just new paint, the smell of fresh paint makes a world of difference!)  and have it rent ready in late June or early July! you would probably then be able to collect a premium rent again and your lease terms will sync with the summer so next time shouldn't be as difficult to lease.