Priced a property incorrectly - too much interest

[Stacy V Johnson]

We recently purchased our first rental in September and had inherited our tenants (with below market rent $1150/month). We are now at the point where we are marketing for a new lease and I have the unit listed at $1300/month. In one day over 100 inquiries came in. This tells me I likely priced the unit too low. Any ideas on how to get more out of the property? We have not committed to anyone yet, but if feels a little unethical/ like a bait and switch to market the property at one price and then request higher.

At this point I’m taking this as a lesson learned. The property still cash flows well at this price, but I’m kicking myself a little for not asking more. Any advice is welcomed.

Also does anyone have tenants sign a special covid clause that says I am capable of paying rent during the eviction moratorium. We have had no problems so far, but just thinking of ways to protect ourselves go forward.

Thank you!

[Stacy V Johnson]

@Kevin Sobilo thank you - great points!