HELP CINDERELLA!!! You want me to LOWER the rent ?!?
With winter coming on, many unsold homes in our area going on the rental market * I’m part of the problem/solution as I am marketing my services to owners of DESIRABLE unsold/vacant homes.
It is curious to have callers on my newspaper ads, website or Craigslist listings or signs IMMEDIATELY ask if I will lower the rent?
I’ve already adjusted the rent for the time of year * after K-12 school starts and late in the rental season * however, large, desirable homes in the Albemarle and Fluvanna areas were scarce a year ago and there are MORE people coming into the area wanting large rental homes…..why would I automatically say I would reduce the rent?
Prior to even discussing a lowering of the PRICE (that’s what a rent reduction is), I want to show the property, meet the prospects AND get complete rental applications on all adult applicants….why say YES, I’ll lower the rent without a quid pro quo - lowering the rent for GOOD, QUALIFIED APPLICANTS?
Why are there fewer rental homes in our area? With the very strong home sales market of the last 5 years, many rental property owners sold their older rental homes to first-time homeowners and these sellers actually got out of the rental market. Because of this, fewer large rental homes have been on the market for the last 2 years when there were actually MORE rental prospects moving into the area….Graduate/Law/Business school families, UVA Medical Center resident families, as well as new hires for NGIC, GE-FANUC and PRA at the North Fork Business Park….ADDITIONALLY, we have people moving into the area who CAN’T buy a home because their home in CO, CA, AZ, TX, FL has not sold so they have no CASH to make the down payment on a local home purchase.
A 4 bedroom home with basement and/or 2-car garage in the 29North area might have rented for $1,995 during the “high rental season” of April, May or June of this year (2007). The same home would rent for $1,595 in October or November * already a $400 reduction * below the “high season” rent. Why should I go even LOWER for a voice on the phone? QUALIFYING prospects at the higher * rent meaning their income would be 3X $1600 per * and THEN lowering the rent if their FICO score is 700 or above or they want longer/shorter term lease or will pay 6 months rent at lease signing is the quid pro quo that owners and managers should look for.
As for those DESIRABLE homes I rented for $1,895 to $1,995 in the high season 2007, I’ll be RAISING those tenants rents at least $150 to $200 when I offer them their lease renewals in February, 2008.
