Regarding the rental market...

[Mystery123]

Now you making me feel bad for selling the townhouse.

[kevin_in_Denver]

Originally Posted by SkyDog77

I did an open house for a rental I have in east Denver. Price is in the $1500 range for a 2BR 1Ba. I charge slightly below market, but not a lot.

40 applications in 2 hours. Most were well qualified.

Crazy out there.

Skydog, as you probably now realize, you're price is about $300-$500 under market. Rents are quite elastic and respond quickly when supply drops.

[AmFest]

Originally Posted by kevin_in_Denver

Skydog, as you probably now realize, you're price is about $300-$500 under market. Rents are quite elastic and respond quickly when supply drops.

We don't know the square footage or the condition of the unit. I'm pretty sure you can rent a 2bdr apartment in the ballpark area for 2k a month.

[SkyDog77]

Originally Posted by kevin_in_Denver

Skydog, as you probably now realize, you're price is about $300-$500 under market. Rents are quite elastic and respond quickly when supply drops.

You don't know the house or the exact price I would say I'm about $100-$200 below market. I researched it significantly before pricing.

[kevin_in_Denver]

I don't need to know the house, the size, location, or condition. 40 showings for one open house is too many and the market is trying to tell you it's significantly underpriced.

I understand that pricing a house $200 under market is a good idea. You get a better selection of prospects and it rents quicker.

But I think you can't know what this week's true market price is unless you overprice it. Overpricing a rental isn't a risk like it can be when selling.

[SkyDog77]

Originally Posted by kevin_in_Denver

I don't need to know the house, the size, location, or condition. 40 showings for one open house is too many and the market is trying to tell you it's significantly underpriced.

I understand that pricing a house $200 under market is a good idea. You get a better selection of prospects and it rents quicker.

But I think you can't know what this week's true market price is unless you overprice it. Overpricing a rental isn't a risk like it can be when selling.

I didn't do 40 showings. I did an open house and had 40 people stop by. I don't change an application fee. I got to pick the best prospect. Totally content.