Lower rent means you'll get more applications and can pick the best tenant after meeting them in person.
Exactly this. I've been renting multiple personal condos downtown since 2011 and it is all about having enough applications to find the perfect tenant. I remember once I had 8 applications for my unit at the Promontory but I didn't have a good gut feeling about any of them and I went away to Europe for a month. Then I came back and rented it out to a medical resident who stayed there for two years and I never heard from him once. I lost two months in total but for me dealing with BS is just not worth it.
I've seen too many shit shows in my career when it comes to selling tenanted properties. The few newer trashed condos I've dealt with the rent was always above market value. i.e., tenant couldn't find anyone else to rent from so they paid more than market.
Also, a lot of super complicated/difficult tenants when the landlord was in a hurry to rent out.
And just use common sense which isn't that common. Would you as a tenant rather rent for $1,650 from an amateur landlord or for $1,550 from a professional management company and the unit is 100 sq/ft bigger where you can get parking anytime you want?
If I have an application for $1,650 I first thing in the back of my head is why aren't they renting from Bosa for $1,550. They could be super incompetent with craigslist/usedvic (unlikely) or for some reason Bosa doesn't want to rent to them (more likely).
4 months ago I rented out a one bedroom at Encore and 2 months ago I rented out a unit at Promontory.....the rental market isn't crazy anymore like it was 2-3 years ago.
Edited by MarkoJ, 19 September 2019 - 01:23 AM.