The most calming time for an owner of a rental is when the unit is filled. Every day the property is on the market is a loss of income that could be coming in. Waiting for a new tenant is inevitable, but cutting that time down as much as possible is the goal. There are a few ways to get tenants in as quickly as possible. Watching the market, staying active in pricing, listening to feedback, and making improvements are just a few ways to be on top of marketing.
Comparing nearby rentals is the best place to start. Part of comparing is taking in square footage, bedrooms, bathrooms, area, amenities, and the condition the unit is in. Taking into account when the rental property is being advertised is also important. Spring and summer are the best times to rent a unit, which is when more people are looking to move. When renting in these months, putting the rental unit at a higher rate can be more possible and likely. Comparables tend to pull from all surrounding areas, and bringing in the scope of the area can give a more accurate comparable. You can also rule out outlaws in the reports. The comparables that rent higher than all others. These can bring up comparable numbers and change the results.
The market speaks for itself. If you aren’t getting people interested in the unit, then it's time to bring down the price. It's good to wait 2 weeks before making major decisions, but small changes can happen at any time. When searching for rentals, the system is designed to give a range in rent. Being in the correct range can bring more views and more clicks. Sometimes this means not dropping the price as much as shifting the price to fit a different search range and people. For example, if you currently have it listed for $2050, maybe change the price to $1999 so you show up in people's searches for properties within the price range of $1900-$2000.
When people start calling in and making appointments to see the unit, but no applications are coming in, it can indicate improvements needed in the home. Following up with people who have seen the unit and asking why they are going somewhere else or not choosing your property can help give direction. The person doing the showings tends to overhear conversations from people and can also give great feedback. Let them talk in the showings, and make it a relaxed environment for them to do so. The most insight will be gathered in those environments. When they mention improvements needed, you have two choices: fix those areas or drop the price.
The rental market can fluctuate depending on the economy, demand, time of year, etc. It's important to follow the market and adjust when needed. Our team can help you accomplish this and be on top of market information.