Is anyone else having trouble getting the same rental amount that they did a year ago? In a "landlord's market" I am probably going to have to take $100 less than the previous tenant paid. In the towl where I live there are currently 29 apartments and 14 duplexes for rent. Nothing seems to be moving. Whereas I have gotten what I consider to be fair rent in the past AND I keep my property in good repair, I have had prospective renters tell me I am asking way too much. Is anyone else noticing this trend? Anything I can do besides lower the rent substantially? Thanks!
Auburnrose
2/8/10 11:07 AM
We've experienced the same thing in MD. There are so many rental units available that the price is getting driven down. We had a place that rented for 1,200 last time, sit on the market for months, and was finally rented at 1,100. We've found that adding a small "extra" when we turnover units has really helped. (i.e. if we have to replace a floor in a small bathroom-we put down ceramic tile)
peace.now.ky
2/8/10 2:17 PM
Thanks, Auburnrose. I have a great ad listed on Craig's List. We are getting very cold and snowy weather which might have something to do with the dearth of calls.
peace.now.ky
2/9/10 12:54 PM
A friend suggested that I list the unit at the same price and offer a 'discount' each month if they pay on or before the first of the month. Also, suggested that I offer a free month's rent but it cannot be the first, second, or last month. Hope you find these ideas useful.
tjmutt
4/25/10 11:31 AM
im at the lake of the ozarks,100% full 40 units.actually have a small waiting list.i have guaranteed my best tennants that there will be no rent increases for at least 2 years.new tennants i have broke the deposit into 3 payments.perhaps this will help.my only gripe is with the banks not giving lines of credit or commercial re-fis
peace.now.ky
4/25/10 4:05 PM
Thanks, TJ. I rented the until in late March. I reduced my expectations for how much rent I can charge in this economy. I offered the tenants a $50 discount monthly if they pay on or before the first of the month. They are elated! I appreciate the responses that have been offered and I hope that others will benefit as well. Take care.
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