Rental property not moving - how long?

[Jamie Bergstrom]

Hello, we are in the midst of moving and want to rent out our unit (Buena Park area in Chicago). I looked around the area and knowing the size of our place, number of beds/baths, plus other benefits such as it being a top floor unit, two parking spots and dogs allowed.. I feel it is priced fairly. However, we are not having much interest. How long have your properties been listed before seeing interest? How much in advance of when it is available? When I was a renter years ago I began looking about two months prior to needing a place. Also, sites you have had best luck getting interest? We have our place posted on Zillow (and rental network - Trulia, Hotpads), Domu, Craigslist, Padmapper, and Apartments.com.

Thanks in advance!!

[Tracy Streich]

Most of our tenants are looking within the 30 days that they need to move.   Price it right and it will rent.   

[Pete Winslow]

Hi Jamie,

Sometimes it may be better to drop the price slightly to generate interest.  Just make sure that you are never dropping the bar for the quality of tenant.  I always have standards of a 650+ credit score and no negotiations on the money that is due at signing.  If they don't have enough to pay final month, first month, and security deposit up front then chances are they won't have my rent ready when it is due in a few months.  Better to be patient through a bit of vacancy than to get the wrong tenant in the unit and have to evict.

I have been seeing prices drop a bit in/around cities currently given the pandemic.  May have to be flexible with your monthly rent ask.  May not be a bad time to look into refinancing to lower your mortgage payment. 

Bigger Pockets also has rent estimators that can be a huge help when setting the price!