Hi All, I have a huge problems and hope that someone has some great advice. I have an older 5 bdrm house in GP in South Patterson. I recently had it rented out for $2300 per month with a company in the forest industry. They gave notice in Nov and I haven`t been able to find a tenant yet!!
My property manager has mentioned to me that I need to reduce the amount asking for. I however, didn`t listen and kept the price at 2200/month. As I see that other 5 bdrms are that price. She has mentioned that area makes a big difference in regards to rent. She thinks I need to drop my price to between 1500 - 1800 per month. If I drop the price to this amount I will be in neg cash flow, and with the tenant laws I can`t increase for a year so there is future loss there. However, if I continue not renting out I loose every month. I have changed my add to allow dogs and I was thinking about advertising for 1st month half off.
My manager has also mentioned that GP has a surplus of rental houses right now and that a builder has just put 40 new house on the rental market because they couldn`t sell. And that she is finding that people are tired of sharing and that they are all looking for lower rent.
So I don`t know if I should bite the bullet and reduce my ask price or if I should continue to try for 2200 / month.
Thanks for taking time to read this.
Corey
My property manager has mentioned to me that I need to reduce the amount asking for. I however, didn`t listen and kept the price at 2200/month. As I see that other 5 bdrms are that price. She has mentioned that area makes a big difference in regards to rent. She thinks I need to drop my price to between 1500 - 1800 per month. If I drop the price to this amount I will be in neg cash flow, and with the tenant laws I can`t increase for a year so there is future loss there. However, if I continue not renting out I loose every month. I have changed my add to allow dogs and I was thinking about advertising for 1st month half off.
My manager has also mentioned that GP has a surplus of rental houses right now and that a builder has just put 40 new house on the rental market because they couldn`t sell. And that she is finding that people are tired of sharing and that they are all looking for lower rent.
So I don`t know if I should bite the bullet and reduce my ask price or if I should continue to try for 2200 / month.
Thanks for taking time to read this.
Corey