My rental is up on all the possible platforms I can think of. Up until this year, I had no trouble finding tenants, but for the last 4 months I'm not getting any hits. And the few that have come to check it out, haven't gotten back. Considering, it was renting at 3000 and I've dropped it down to 2800 now, how long should I wait before dropping it down further?

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Typically, if you don’t get serious inquiries within 2-3 weeks of a price change (especially during peak rental season), I'd recommend another small reduction or an incentive like a free month’s rent or upgraded amenities. But that's frustrating for sure. Hope you find people soon.

likesmart

Where are you located? Just curious.

Philly

Same thing happened to me, Zillow has a new premium listing for $30 and I immediately got 5 tours in a day and 3 applicants. Have you tried that?

How many other rentals are available in your area that are also 3br’s? What are they renting for? Act like your prospective tenant and check out your competition.

Rent has dropped significantly in a number of markets that got hot during Covid with remote workers, saw investment in multi family development, and then have seen a huge outflux of residents as many company’s pushed back toward return to office mandates. Phoenix and Austin both come to mind where rents have fallen back to 2019 levels because of high vacancy and a ton of new inventory on the market in the last 18 months.

Thanks for your insight on this! Super helpful

What area?

Where in Philly is this? Different approaches needed depending on the area.

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