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What kind of a question is this lol
Maybe he manages a mispricing program, be nice
Rising Star
“How important is salary to employees? I have a job opening that I am offering for 100k annually. If I increase to 150k, will more people be interested?”
The most important factor for most people, I would say. If it’s outside of their budget, I don’t think most people wouldn’t consider it. 1800 and 2350 is a big difference so I think that change would cause a lot more people to consider the apartment.
Pro
I'm sure if you just advertise that you're an empathetic landlord, that you'll get an equal amount of interested renters compared to a price drop
There is no coming back from that stupid linkedin post, is there?🤦🏻♂️
$1800 Seattle???? Can u even cover mortgage with that rent price ?!
Chief
How important is this question to your answer
Do demand curves slope downward?
You're on the tech side of consulting, aren't you?
Rising Star
Don't lower it so much that you'll want to raise it next year and drive the tenants out or piss them off.
Have no idea what the right price is, that's just a big drop.
Rising Star
Imagine posting this sincerely lmao
On a serious note, if it is something you have rented for 2350 in the past and you are dropping to 1800, I would expect it to go very quickly. Assuming the 2350 is the value of similar rentals and not just some sucker who went for it once.
My advice is to use rental apps with a map (Zillow and apartments dot com) and filter to units with similar bed/bath values in the area. Slightly underbidding competitors in the neighborhood will move the unit quickly without drastically undervaluing the place.
Second piece of advice would be to join every apartment rental Facebook group you can find for your city and be proactive about messaging people who are looking for a unit that matches yours.
As we all know from those great studies that have come out recently, a big ole thank you to the renters is far more important than rent when it comes to tenant retention
Does Seattle have good and bad parts? I think depending on location within Seattle could be high or low.
Pro
Yes
I’m no expert but once I saw something that usually used to cost around $150 but it was on sale for $100. I ordered it immediately. But I don’t know what are you going to do with this information and why I even posted this.🤷🏻♂️
Pro
Was the total price important to you when purchasing the property?
Please take Econ 101.
Rising Star
Duh
Very valid (and sarcastic) inputs from many but maybe I can suggest u talk to a real estate agent ? He can advise u on price and other ways to have ur place rented (if any) - plus usually his commission is paid by the renter not landlord (where I live). Not sure how is this consulting bowl relevant…
OP is it a 2bd/2ba? If so I’ll rent it for $1800! :)