Lower rent before end of summer? (Cypress/Cyfair ISD)

[Adam H.]

Hi all, new investor and finally closed on our first rental property a few weeks ago after searching for over a year. Got it at 150k + 6k in rehab = ~156k all in. I was conservatively estimating about $1,550/mo for rent, but after talking to my agent and re-checking the comps, we decided to list it for $1,650.

It's only been on the market for a week and the average DOM for this particular neighborhood is about 16-20 days, so I'm not exactly worried about it. But I was wondering if more experienced investors would recommend trying to get it rented sooner, especially before the school year started, by lowering the rent? I'm confident it'd go for $1,650 under most circumstances, but I was not sure how much the school year starting would potentially delay renting it out.

Even at $1,600, it'd still be above our initial projections and I'm anxious to get started on the next one once this ones finished up. Thanks for your insights!

[Vijaianand Thirunageswaram]

@Tony Castronovo is right. For your price point, you need to try to rent it out before Sept. My strategy is usually if I don't want to lose one month rent waiting for tenant which equates $100 reduction in rent, I would rather reduce that and get it rented and move on..  If you are very confident about neighborhood and not many rentals around, you can wait but still..