The rental market is much stronger than the real estate market, generally speaking. We have found that as the real estate resale market recalibrates, several of our clients choosing to rent. Our in-house rental department has advised that Craigslist is by far the main portal for rentals.
You may choose one of two options:
(1) Hire a rental agent who will market the property for you.
(2) Do it yourself and shop the comps. Find out what else is on the market and price your property accordingly.
The days of a mob of renters, and buyers for that matter, are definitely not a part of our market anymore. We have found that the sense of urgency is gone and people are taking much longer to make a decision.
If it has been on the market for six weeks and no applications have been taken, then you need to drop the price further. It seems that prices on rentals have been coming down a bit over the last few months and units are staying on the market longer these days.
Is it truly a two bedroom or is it one of those flexible two bedroom (dining room can be used as a 2nd bdrm) floor plans that seem to push the limits in San Francisco? I do agree with Cheryl, that offering a pet friendly unit is essential , especially in a softer market. Another question, is parking available? Depending on the area, that could also be a deterrent.
You may want to get a second opinion about pricing and also consider using an agent. There are many excellent rental agents in San Francisco and I would be happy to recommend two that I know are stellar.
You may want to consider going pet friendly if you havenâ€™t already to expand your pool of rental applicants. This segment of the rental market typically is very limited.
Iâ€™ve been renting to dog/cat owners for 10+ years and have never had to withhold any deposit due to pet damage. Feel free to contact me directly if youâ€™d like more tips/best practices to going pet friendly.
Otherwise, itâ€™s likely that your rent is too high for the current market place. It does seem like the rental market has calmed a bit. If your rental hit the market at the end of December-early January this typically is the slower time of the year to fill vacancies. I think weâ€™re dealing with a combination of factors including our new economic climate.
As is true with most real estate, location is key and some neighborhoods such as Noe Valley seem to always have consistent demand. I recently rented a Noe Valley, cat-friendly 1-bedroom garden unit for $1650/mo. It hit the market just before Christmas and I had a solid application in place after 3 showings and one price adjustment of $100.
Another detail to consider is how is the unit showing? Are there upgrades including a dishwasher, fresh paint, etc.? Have you posted photos online? Craigslist has been my primary means of filling vacancies.