I had a tenant from 2018 - 2020 in a small multi-family in NYC. He left at the end of 2020 b/c NYC rents had dropped so low that he could get his dream apartment in Greenwich Village for 60% of the normal asking rent.
I did some repairs to his apartment and posted it for rent. I was not able to rent the apartment all year 2021. My broker advised me not to drop the price to meet the market demand b/c I would attract the type of tenant that will not pay nor will they leave.
I answered the question as follows.
1. No the property was not rented out all year
2. Zero days rented at fair rental price.
Is this correct?
