Found a new tenant for Condo#1
March 11th, 2008 by KenricThree weeks ago I experimented with setting a new rental rate for my Condo #1. I talked about pushing the rent limits in the building and advertised my rent at $1995/mo when the last rental rate was $1750/mo.
The first week I had the condo listed for $1995/mo on craigslist. I had one call from a guy who asked if the price was negotiable. The second week, I did not get a single inquiry for the condo. So I dropped my rent down to $1895/mo at the beginning of the third week.
Finally at that rate I had some interest. Two girls went to see my condo and then proceeded to negotiate the rent with me. At this time there were two other units for rent in the building listed at $1650 and $1750. They had gone to see the other units but said that mine just felt right. We eventually settled at $1835/mo.
So my experiment was a partial success. I tried to push it to $1995 and settled at $1835, so I was able to increase the rent by $85/mo.
Posted in Real Estate | 2 Comments »
Stumble it!
Hey, well, that was an exercise well worth it, then! Congratulations on your success! The other landlords in the building will take notice if they’re smart.
By Trisha on Mar 11, 2008
Nice work. Getting the right rent certainly takes some experimentation, and it seems like this worked for you. Well done.
By Joshua Dorkin @ BiggerPockets on Mar 11, 2008