All Forum Posts by: Dillon Morrison

FYI - I ended up coming down on price a bit, and the unit went pretty fast. I was pricing at a premium since it's a premium unit. Once a took that down to market average, the unit went within 2 weeks. We did standard marketing - postings on zillow, redfin, etc.

Thanks for the replies. I don't believe the unit is overpriced, especially relative to comparable units nearby. I'll test moving price down a bit and see if that raises any interest. I'll also be looking for a 6mo lease to get back onto the standard cycle. Will reply on this thread when I have updates.

Hello,

I recently acquired my first rental property in a nice part of Ohio City, Cleveland 44113. It's a 2bd (with a large office as well), 1.5ba upscale unit in great shape, very well-maintained, and very close to bars, restaurants, and transit. The pricing for the unit is higher than surrounding 2bds, but is also in much nicer shape and much more spacious. I'm also charging less than Rentometer suggests I should.

There are a few equally nice units a few blocks away that charge comparable rent. The unit has been on the rental market for about 4 weeks now (Zillow, Redfin, Facebook Marketplace, Craigslist), and I've had some inbound interest, but not nearly as much as I expected. Only a few showings, which have gone well, but not one person has actually applied yet. I know it's off-season right now, but this feels way too low.

I guess my questions are:

1) how long do units usually sit on the market without getting rented out this time of year?

2) Is price the main lever I should look to pull? I know Id probably get a bit more interest if I lowered rent, but I'm not sure if pricing is really the reason for low interest. The potential tenants that came for showings did not seem remotely put off by the rental price. 

Any help is greatly appreciated. Thank you!