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Hot take: I listed my rental 3% under market to get a fast tenant and it backfired
I own a duplex off Central Ave near Plaza Midwood and listed the vacant unit at $1,450 instead of the $1,500 the comps supported. I figured a quick lease would save me a month of vacancy, but I got 60 inquiries in three days and half of them were people trying to haggle me down even further. The tenant I picked turned out fine, but I left $600 on the table for the year and dealt with way more noise than the place was worth. Next time I'm pricing at market and just being patient. Has anyone else tried the underprice trick and had it work out better than this?
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eric_carr1d ago
Back when I rented my place on Commonwealth, I knocked $75 off to move it fast and got the same circus. One guy showed up with his mom and tried to talk me down another $100 because the fridge was "only" a year old. I ended up picking a fine tenant, but I spent my whole weekend answering texts from people who were never gonna sign anyway. The cheaper price just made everyone think there was more room to wiggle. Lesson learned the hard way, we both basically paid a fee in dumb questions.
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