Looking for advice on marketing townhouse for rent.

[Igor Nastaskin]

Hi, I am renting out a townhouse in North Hollywood and am wondering if I am doing something wrong. Briefly this is a 4bdr/4bath 2400 sq ft townhouse in North Hollywood, built brand new in Nov 2021. I use Ziprent property management to find new tenants. The townhome is now 25 days on the market, my concern is that I reduced the price significantly and still no rental applications. Here is the link:

https://www.zillow.com/homedetails/347762481_zpid/

In 2022 I used ziprent to rent out this townhome for $5900. It took a month to find tenants (roommates). In 2023 same story - 1 month to rent out for $5900. Now I lowered the price from $5900 down to $5500 and now $5250. Initially at $5900 I had a showing once every 2-3 days: at the $5250 for past 5 days no showing. Brand new 4b/3.5ba 2000 sq ft townhome  on same block (5625 Riverton ave, North Hollywood) rented out for $5800 after 2 weeks on market. Any suggestions on what I can do different or what helped you rent out property faster? Any advise is appreciated. 

The way Ziprent operates is they charge $1250 flat fee to place tenant. Listing is placed on zillow.com and its affiliated sites plus I list property on apartments.com. For showing they would email a code to lockbox to prospective tenant once the showing appt arranged. After showing they email/text tenant for follow up. 

[Igor Nastaskin]

Hi, thank you for replies, it reassured me the price is the key. Even though I had a trickle of appointments no one was submitting applications when rent was $5500-5900, except a fraudulent one. Looking at 4bd apartments available for rent in North Hollywood I noticed that none had rent at or above $5000. I also googled the rent trend for the area - apparently there was 20% decrease in rents in 2023. So I reducing the rent to $4900 which led to multiple showings per day, leading to two applications and apartment was rented out before the end of that week.