Why am I not getting a consistent amount of inquiries on my long term rental unit?

Question

Hi everyone,

My unit 3 bed 1 bath unit in Fishtown, Philadelphia has gone unrented for waaay too long and I'm not sure how to address. I first listed it in April of last year for $1900, dropped to $1850, $1800, $1750, and finally it's at $1675 a month which is way under value. The unit appraised for $1800 a month. I even had a realtor help list it on the MLS and apparently hundreds of other sites and during that time only 3 people looked at the house and overall under 10 people have seen the house since. I have personally listed it on Zillow, Craigslist, and FB marketplace and haven't gotten many bites. I know it's the down season and things should ramp up in the next few months but I feel like I'm missing something. Here's the Zillow and FB market place listings:

https://www.facebook.com/groups/113210443918001/permalink/69...

https://www.zillow.com/b/2401-e-gordon-st-philadelphia-pa-9P...

I'm hoping to get new professional photos because the existing ones are from the previous owner and could be nicer. I'm also considering section 8 which would pay way more but I've heard that my electrical panel would need upgrading which I don't have the money to do without tenants at the moment unfortunately. - https://www.pha.phila.gov/wp-content/uploads/2023/09/HCV-SAF... (zip 19125)

Would love some opinions here.

Thanks,

Alan Asriants · Answer

Hey Eric, Phila market, especially near center city and surrounding areas is currently a very tough market to rent in.

New construction is out of control and builders just keep building and building. Combine that with the city's migration to the suburbs and you have a supply and demand crisis. All these builders that can't sell and with mortgage rates doubled to when they started their project, you have an inventory problem.

Truth is, lots of people are struggling to rent in the city.

Bring your price down as much as you can. Your pictures look decent, make sure it shows well. Be open to pets.

There are only 3 things that affect your ability to sell and rent: Price, condition, and location. You can always change the price and condition.

Good luck sir

Eric Samuels · Answer

Thanks @Caleb Brown I’ve been living in the unit upstairs but can move downstairs to the unit that needs some work. It’s just been nicer up here. I don’t have a fridge down there need to renovate the bathroom and I’ve had guests but I’m ready to move back down there and retake photos as fully vacant.

Caleb Brown · Answer

Listing looks good. From peaking on Zillow from what's by you seems like you are priced well. How is the street and neighbors? In my area the Winter time is brutal for rentals. On photos are you able to retake them without having a bunch of stuff inside? Might be deterring people