Lowering the rent to $1,600 and renting the unit immediately is probably better than stubbornly holding out for $1,750- especially if it means you will get more applications and end up renting to a better tenant. After two months vacancy, even if you did rent out for $1,750, it would be effectively the same as renting for $1,450 when you consider the lost income.
I recommend starting advertising a rental property as soon as your tenant gives you their 30-day notice. I like to add a provision in my lease that says I can show units for lease with 48 hours notice to the tenant, which includes during the weekends between the hours of 11am-6pm. There is nothing better than having the unit re-rented before the current tenant has even left!
My marketing Budget for a vacancy is $500.
To begin your marketing efforts, you need GOOD PHOTOS of the unit and the building, and the amenities (if there are amenities). The photos do not have to be professionally done, I’d rather not spend any money- but take the pictures with your cell phone camera or digital camera is fine. The more photos the better. Get a couple of different angles of the important rooms, like the kitchen, bedroom, and bathroom. The better the pictures, the more calls you will get from your online listings.
Next, write a great description. Try to make it personal and not too technical. Talk about how great it is to live in the area, and explain why your unit is a great home. This is just a start to help you when it comes to advertising rental properties. Keep reading for specific strategies!