Greedy and crazy?

A new rental popped up at 510 Palm Ave. 1880 sq ft at $5500/mo?!

Sounds ludicrous for a 3/2 in El Segundo. 

You would think that instead of greed motivating the owner to squeeze every last penny out of a prospective renter that they would prefer a price that would attract a larger pool of applicants and pick a tenant that is willing to stay for a while. I’ve seen a lot of these over priced rentals in town stay occupied for only a year. Then the homeowner has a few hundred in expenses and a month or more of vacancy. Do the math people!

I know of a townhome that was rented at an overpriced rate because the owner was willing to do a 6 month lease. When that tenant left they figured they could raise the rent again. Wrong! That overpriced rate was based on that tenant’s specific need, not market rates. I think it’s going on it’s third month of vacancy. 

http://www.zillow.com/homes/510-W-Palm-Ave-EL-Segundo-CA-90245_rb/

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