Why isn't my vacant property renting?
There are many factors that drive demand for a property, but there are three main factors that an owner has control over: pets, quality, and price.
Pets
Many prospective tenants have pets and filter out properties that do not allow pets. See "What is Rentor's Pet Policy?"
Quality
For quality, there are often discretionary repairs or improvements an owner can make that will improve the appeal of the unit. For example, outdated kitchen decor and threadbare carpets don't affect the habitability of the unit, but they will affect the number of applicants who show interest in the unit.
Price
For price, we recommend a rental rate based on results from our comprehensive internal Rent Survey System. If a unit is looking good but still isn't renting, price is the second and most powerful lever for owners to pull. We recommend changing the price by no less than $50 and then waiting a week to see the results.
In either case, it's important to consider the price of acting vs the price of waiting. For example, a $500 paint job inside could land you a tenant a month earlier than normal, which saves you money if your property rents for more than $500 a month.
We also request feedback from applicants who attend a showing and then decline to take the next step in the application process. Most applicants don't provide any reason, but a few do, so we can provide guidance based on their feedback.