I recently received an email inquiry from a Grass Valley rental property owner as to why their vacancy wasn’t being filled even after they reduced the rental rate $50. I am sharing my response with hopes to enlighten other owners/investors out there about what it takes to beat the competition and fill Grass Valley rental vacancies!!
My response to a clients inquiry about filling their Grass Valley rental vacancy:
- Do you have phone numbers or emails of the tenants that previously inquired? If so, you may consider calling/emailing them back to ask why they chose to not go with your rental and what factors influenced their other choice, if any.
- To be honest, there is a lot of inventory in this price range, and to be successful you either have to make yours very desirable among the rest or reduce your rental rate. Go online and see what your competition is offering. -An addition to this comment: It doesn’t matter what the price range is for your rental, you still have to study the competition!
- I’ve lately seen a bunch of upgraded and newer listings in this price range with new hardwood floors, updated kitchens, etc. This isn’t to say that your rental is lacking upgrades, but the market is indicating that a lower rental rate is demanded by perspective tenants.
- These are just ideas to think about. I know you want to get the most money, but having no tenant is giving you nothing! Remember my article about Determining the current market rental rate.
I hope sharing this information helps other owners/investors fill their Grass Valley rental vacancy!
