I have had a vacancy for the past five months in an attic apartment. Has been refurbished, recently painted, rather spacious. The applicants who want to rent are not favorable (it's in a d class area). The applicants I liked do not want to go forward. I know have another upcoming vacancy. Wondering if I should lower rent threshold? Or perhaps consider selling if I can't find good tenants but I am worried about capital gains taxes. Any input helpful. --173.69.xx.xx

Your area, along with the third floor, are your big deterrents. Spacious, repainted and refurbished aren't necessarily a plus. People in D areas are mainly looking at the cost...then cleanish,functional, safe. --98.237.xxx.xx

Drop the rent. That’s been the game for me on the past few vacancies. Years ago, I used to drop every 2-3 weeks if I didn’t have an approved tenant, I may go back to doing that. --24.152.xxx.xx

--69.130.xxx.xxx

Lower the rent but up the deposit. Or have a move in special that's gets them in for under $1000. --172.59.xxx.xxx

Have you done research OP on what your kind of unit is renting for? 5 months is a looooooooong time. --173.28.xx.xxx

My only hesitation splitting the property up further is that I think it would be tough to rent the attic apartment. How it is set up now with a 3 bed 2 bath apartment on the upper two floors, it always stays rented. --24.245.xx.xxx

WMH, last year I had a new property going on the rental market for the first time since buying it. I had tracked local comparables up to the point of when I listed the property. I always try to go a little bit under the market to have a competitive edge. It ended up being one deadbeat after another. I started at $1600 a month based on comparables and had continuous showings and applications all the way until I occasionally reduced five or six months later down to $900 a month. That’s when I finally was able to qualify somebody. so all the noise and fluff on here about raise the rent or whatever else, I just ignored it anymore. The numbers don’t lie. I don’t know what the people with the high price listings are actually doing to get bodies in the door. But they almost never line up with my numbers at the end of the day. --174.240.xxx.xxx

I have income data on pre-screening back to 2017. Income has gone up, but not THAT much. $1700 in my area is pushing it and it better be a large place for that. Yet I see places listed up to $3500 all the time - sitting empty... --173.28.xx.xxx

--69.201.xx.xxx

I am inclined to tell you do some more directed marketing instead of lowering your bar. These folks were trained to act badly. It will take some time but every rubber band will snap back to its original shape. --24.101.xxx.xxx

I agree with NE. In my area, only those on welfare can afford higher rent b/c of subsidization. --64.246.xxx.xx

Separate all the utilities so rent will be lower along operating costs will significantly reduced. A high efficiency split heat pump which can used all year round for heating and cooling which is another plus. Upgrading insulation so hydro electric bills will be low. Separated utilities weeds out a lot of problem as unpaid utilities and unpaid go hand in hand. If all fails then the property is worth more money as lower operating costs more buyers. It may be converted back to a single family as well. --207.236.xxx.xxx

As a owner and contractor, I'd look around to see what other seasoned landlord have done to upgrade a unit to insure a quick turn over. --47.155.xx.x

Yes,upgrade like "reverse osmosis filtered water". I have that in two of my units now because local water went bad last year with legionella. Other tenants already were buying bottled water or had pitcher filters and wanted to use them. Tenants in this two family wanted filtering. Both rely on their physical bodies for work so I accommodated and will use that feature to rent again when the time comes which is soon. One has purchased a condo and the other will be out of school in fall of this year unless she gets a local job she will leave. There are people who will live in a slightly problematic building to get that kind of benefit. The two filtration units were a thousand a piece. I don't have any three story or attic units. --173.61.xxx.xxx

2. If they don't have either and it's not financially worth doing, try making this room an office and include it with another room and raise rent on the other room with office. Of course "D" class may not need offices, but you could make it a theater room or something with cool factor. --108.69.xxx.xxx

--73.103.xxx.xxx

BRAD --73.103.xxx.xxx

Brad, I wouldn't want to advertise utility costs in BLUE states. They are skyrocketing daily as we all pay for reinventing the wheel (green new deal) --64.246.xxx.xx

Depends on what you mean by "not favorable." Are they drug felon gangbangers or are they someone with an eviction 2 years ago? If they're only in the slightly tarnished category, you might want to take a chance on a non-favorable. Make it a MTM lease and keep them on a short leash. --50.107.xxx.xx

Ditto Paulio. --69.130.xxx.xxx

5 months without a tenant is way too long. If you were asking 800 and it would rent easily at 700 within a month-- you have lost out on 4 months x $700 =$2,800 It will take over 2 years to recapture what you lost by sticking with the original price. It is a balancing act. --76.138.xxx.xxx

So if it's a class D area you could make the attic room a home gardening room. Through a few planting troughs up there, scatter some grow lights, watering equipment and I bet you'll rent it. --108.69.xxx.xxx

Unit I mentioned previously where I started advertising in Nov is still vacant. Elt carried me til Jan. I listed new vacancy in March and took down the older one. I have an application for the newly listed one and am letting prospects know I have a unit I'm about to list that I can show them, makes it sound exclusive. You might try going w the fresh unit and filter prospects to the older one which is unlisted. --172.59.xxx.xxx

I am assuming that was in jest, but it case it wasn't "home gardening" inside causes a huge amount of damage to the building. --76.178.xxx.xxx

There are some places that will not produce anything, move your efforts to another location with an elevator, stair lift, or parking garage --184.59.xxx.xx