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c_law

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Posts: 1
Reply with quote  #1 
I'm new to being a landlord so I need a little help. We rented out my house in Aug, we had so much interest in the property and it rented right away. We ended up renting to a couple that wanted a two year lease at a discount, which I was a little hesitant on but we did it anyway. They moved in and everything had been fine, until October when they tell us they want to move out because they now both have jobs on the other side of town, after only being there 3 months and they signed a two year lease! We agreed they would stay until the end of Nov and pay a fee equal to one months rent for breaking the lease early. We've started advertising the place for rent but it won't be available until Dec 1st and that's just not a good time for most people to move, it gets cold here and not to mention holidays. We've had very little serious inquiries. Should we lower rent since this isn't the prime time for renting, or just wait it out and hope that we get a tenant by Dec/Jan? 
LLinVA

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Posts: 216
Reply with quote  #2 
You can try your normal rent at first, but supply and demand may dictate that since the demand is low, if you want any rent paid in the next few months, you may have to lower the rent. Give it a couple weeks and see what interest you get, otherwise you will need to drop the rent.
AccidentalRental

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Posts: 52
Reply with quote  #3 
In my experience, you are already too late. Drop the rent and save the vacancy. It's counterintuitive but it works.

Good luck!

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