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I have owned a brownstone in a very good location in North Park Slope right near the park for almost eight years. Until late last year all I had to do was put one ad on craigslist,I got an enormous response and had the apartment rented.

Well, no more. The market has flipped. It’s incredible. I rented a couple of apartments a few months ago although it took a couple of weeks. Now it seems worse. After advertising for a week I’ve gotten a total of two people to look at the apt. May get a couple more this week. The rent is already about $100 below what it would have gone for last year ($1400 vs. $1500). It will be vacated at the end of this month so I’m under pressure to get it rented now.

My question is this. I’m considering lowering it by $100 from what I thought was already a relatively low rent. But I’m wondering how much of an effect that would have. There just seem to be so few people out there. Any advice besides lowering the rent?