I’ve been a landlord for over 20 years now with almost 30 sfh. I’ve seen prices go from $850 a month on a brick 3-2-2 to now $1850 a month. Previously when I would post a vacancy I would get slammed with inquiries. I am seeing houses sit and sit for weeks. I have class C and B homes in a super high end city. New builds are selling for a million plus. Property taxes have exploded, utilities have exploded, and of course food and cost of everyday living has exploded in the past 2.5 years. I’ve had a vacant for two weeks now that just underwent rehab after a 18 year tenant. I am getting very few inquiries, and price is down to $1800, which just a few months ago I was getting slammed on the same type property. My buddies are having trouble getting leads too. Of course it’s been about 105-108 everyday for weeks now. I am wondering if it’s the heat or the economy? Should I cut the price again? Btw, it’s a brick 3-2-2 with 1250 sq ft. All new paint, windows, gas range, new hvac, new flooring…. I really don’t want my other tenants see a nicer house priced less then theirs. ) --138.229.xxx.xxx

" I really don’t want my other tenants see a nicer house priced less then theirs" lol that's none of their business what your other tenants pay. --68.56.xxx.xx

--199.200.xx.xxx

Raise not lower the rent, wrong clients are missing you. --184.59.xxx.xx

My tenants don't know how many rentals I have or where they might be. It's none of their business and does me no good for them to know. --108.201.xx.xx

You know your area. I say give it another week or so. Drop by $75 or so for a few weeks or what you feel is appropriate.Know your bottom line. Sometimes pull it, take new pics, reword it and things may change. --174.235.xxx.xx

In response to , how will your other tenants know how much you are leasing for….. very easily we post on Zillow and that shows the management companies name. We post on Facebook, they will see our name, I have houses clustered together, they will see me over there or the sign on my yard with my phone number on it. --107.77.xxx.xxx

It's none of tenants business what other tenants pay. Just like airplane tickets, hotel rooms, concert tickets and many other things, there can be a huge spread in prices, not to mention every house is unique --68.56.xxx.xx

With that said, money is tight around here. Housing is at the least affordable rating according to Goldman Sachs. --170.203.xxx.xxx

I agree with Vee,your rent very well could be too low --74.77.xx.xx

I had a beautiful place I wound up selling earlier this year because I couldn't rent it. Generally, I think anything larger than a 3/1 is tough to rent in my area. Sweet spot is smaller units like 2/1. These are cheaper generally and more folks are looking for smaller units. --209.122.xx.xxx

As far as being priced too low. Just a few minutes ago, another landlord in the area called me. He saw my sign, we talked for quite a while. He has a very similar house for 3 weeks now, just a few blocks away at $2,000 per month. He has had 3 inquiries. We are in a high end town, with low end houses. The schools are top notch, poor people really want their kids here. I think the bubble has burst. --138.229.xxx.xxx

Take the ad down. Take new pictures. Repost for $100 more a month than competition. Have a move in special for reduced rent for 1st month. A move in special will get their attention and make an appointment to view. Host an open house two hours one weekday evening and on Saturday or Sunday afternoon. Get out there . You got the best house on the market. Get out there and be available! Answer the phone when it rings. Do it different. --172.59.xxx.xxx

If new houses are selling for a million plus, maybe older houses are selling for high numbers also. Have you considered selling those 30 houses and retiring? Even at half a million each, that's 15 million to you and no more tenant problems. --172.58.xxx.xxx

And I agree. The crowd of "Unrentables" is exploding exponentially! --64.246.xxx.xx

It's the weather and nothing moves around here either in August since everyone is on vacation somewhere. Can't even sell anything on Ebay. Hold on. September will open everything back up. --173.61.xxx.xxx

There are not many tenants who can afford to rent a half million dollar house. There just are not many jobs that pay that sort of income, so it is a tough job to find a tenant who can qualify at the high rent. --76.178.xxx.xxx

I realize these are all broad generalities....if you disagree, so be it. This is what I'm seeing - the situation in your local is likely different. --108.201.xx.xx

You can raise their rents at renewal. A tenant already living there will have to weigh the increase with the cost of moving . --68.56.xxx.xx

I agree with David. Rents have skyrocketed in most areas and folks are tapped out. If you bought before the pandemic, you can afford to moderate your rent. That won't apply to most post pandemic buyers who must charge at the top end of the market in some instances just to break even. --172.56.xxx.x

I remarked in the spring that this effect was happening by me. I priced less than top of mkt and then made 1 reduction and it took me 2 months to find a resident. When I lowered the price I attracted inquiries from farther away who were willing to consider the area because of the savings and updated condition of my unit. Went from 850 for 1 br to 775 in C class. --72.10.xxx.xxx

Also said he is booked solid thru 2026. And labor costs are the bulk of his expenses. --198.168.xx.xxx

Yeah, I'ld say a breaking point is near. --198.168.xx.xxx

So, the national market stats seem to confirm your concern that we have reached the breaking point in some places in the country. --209.205.xxx.xx

When I check comps on Zillow, I also add in the neighboring towns, because some may be cheaper and tenants may not care --68.56.xxx.xx

Do you have an example to give? --73.190.xxx.xxx

BUT with rents as high as the sky these days I'm not sure that's such a great idea anymore. --50.82.xxx.xxx

I agree with what WMH said.Tenants look in ranges, $1400-$1500 or $1500-$1600 so if you price at $1200 even though it is woth $1600 and the rule of thumb being the higher the rent the better quality the tenant you could not only be getting less rent you could be getting a lower quality tenant --74.77.xx.xx

I have tried that many times before, and I just end up with a longer vacancy before I lower the rent and quickly rent it out. --68.56.xxx.xx

I can't imagine paying upwards of $200K for a house and trying to provide affordable housing! --104.230.xxx.xxx

If your entire presentation is a Zillow ad, you will reduce the new move in crowd that is not as price sensitive. --149.76.xxx.x

Is this house designed more for a family or a single professional or maybe a retired couple? Each of these groups require different marketing to target a specific niche that an owner would seek. --24.101.xxx.xxx

Thanks in advance. --5.182.xxx.xxx

Ray, I am also curious as Sir Walter is. --73.190.xxx.xxx

David- not necessarily saying tenants look in prices ranges as tight as $100 but i believe they look in price ranges lets say maybe $1400-$1600 or whatever the number is and if you are priced too low say $1200 they wont call because they assume landlords price a place at a fair price.I have a friend who rents a place worth $1500 for $700 and he asks me when he advertises it why he gets so many dirtbags, i keep telling him because dirtbags are looking in that price range and good people that can afford $1500 arent even looking in the $700 range.I know this is an extreme example,he only has the one place and is convinced he should get a great applicant at that price,i dont bother arguing with him anymore,he simply wont listen but he keeps working saturdays because he needs the money and wont hire a manager like i have suggested because it cant be that hard to find a tenant. --74.77.xx.xx

My houses are in the same area at Homer‘s. I get great tenants by keeping rent $200 below market. Latest example, I put house at $2100 but couldn’t get good tenants. After lowering to $2000 which is 100-200 below market, I got a great family. The same thing happened to same house three years ago. I didn’t have to do anything after the tenant left. They left the house exactly the same when they moved in three years. Many good people (even renters) do manage their money like us. --172.58.xxx.xxx

The inquiries I DO get, and the applications I receive based on those inquiries, is abysmal -- current or previous evictions (I had one appication just recently that was currently being evicted, had 3 others in the past and owed two of the 3 landlords money. --209.132.xxx.xx

Another tip I noticed that similar to Craigslist, the properties listed currently, are usually the ones that haven’t rented and thus usually listed too high and that’s why they’re still there. I’ve found listing below the current inventory prices is a better way to go. Just my 2¢ --73.229.xx.xx