Knowledge base | Castle

Why isn't my vacant property renting?

There are several factors that drive demand for a property, but only two an owner has control over: quality and price.

For quality, there are often discretionary repairs or improvements an owner can make that will improve the appeal of the unit. For example, outdated kitchen decor and threadbare carpets don't affect the habitability of the unit, but they will affect the number of applicants who show interest in the unit.

For price, we recommend a rental rate based on results from Zillow and Rentometer. If a unit is looking good but still isn't renting, price is the second and most powerful lever for owners to pull. We recommend changing the price by no less than $25 and then waiting a week to see the results.

In either case, it's important to consider the price of acting vs the price of waiting. For example, a $500 paint job inside could land you a tenant a month earlier than normal, which saves you money if your property rents for more than $500 a month.

We also request feedback from applicants who attend a showing and then decline to take the next step in the application process. Most applicants don't provide any, but a few do, so we can provide guidance based on their feedback.

One factor that affects demand but is outside our control is the season. We time all of our leases to end in summer, when it's easiest to find a tenant. Your property may sit on the market for a little longer in the colder months.