Banks retreat from apartment market


#21

That apartment should rent for a $1000/m . Shitty location on a busy street. Just because the owner thought it is worth $1600 or $1250 means nothing . Craigslist list price is pure… if it rents the price is a market price. Don’t use Zillow for anything ever. I know the managers of a thousand units. Currently we can ask whatever we want for rent and get dozens of calls…But smart landlords list slightly under market not 29-60% over


#22

Well yes and no right? That is what is being actually asked for rent, but not necessarily achieved or actually paid ultimately.


#23

It’s actually very close. Been doing this for forty years. Rents are rarely negotiated. If the rent is too high it sits forever. Once it’s priced right it rents right away… the place on Sierra Blvd obviously likes to keep his crap on Zillow… his marketing program has nothing to do with the real world. Just look at how few listings are on Craigslist. Or call the local property managers mentioned and get the facts … that Sierra guy has a studio for $1400… Market rent is $800…


#24

Like I said before, Craigslist has its pros/cons. I have since added Rentometer as another source to get rent information.


#25

I like Craigslist because I can tell by the number of calls how close my ask price is to market. Too many calls ask too low. No calls price too high. Normally I get 10 to 20 calls. Zillow gets one or 2 calls or mostly wierd late at night internet inquiries from out of the area looky loos. Real tenants call early and often and want to see the property ASAP…