I own a rental home that is only 2 years old and in a great neighborhood. 5 bedrooms, 5.5 bathroom, all appliances and a nice fenced in yard. It has been renting for a prime number for the last year and a half.
With the current lease expiring in a few days, my property manager comes to me and says we need to reduce the rent by 55% to get it rented now.
I have approached this guy 3 times over the earlier parts of this year and told him to lower the asking rent price in order to get ahead of the impending price drop this fall. I understand this is a weird time....
Question: What have the rental rates actually done or dropped in the College Station area ?
With the current lease expiring in a few days, my property manager comes to me and says we need to reduce the rent by 55% to get it rented now.
I have approached this guy 3 times over the earlier parts of this year and told him to lower the asking rent price in order to get ahead of the impending price drop this fall. I understand this is a weird time....
Question: What have the rental rates actually done or dropped in the College Station area ?