Property Management Tip - How to Set Your Rent Prices
The best answer is to look at what other rentals that are comparable to yours (comps) are being rented at. If you own a modern two-bedroom two-bath condo near public transportation with assigned parking, find comps in your neighborhood and see what they are renting for. Websites like www.Rentometer.com can provide general guidance, but a better technique would be to visit 2-3 comps in your area and take a look inside. A good rule of thumb is not to be the highest priced rental on the market. It's better to charge a moderate price and have it rent quickly to a high quality tenant than to overprice a unit and have it sit vacant or only get 1-2 tenants to choose from.
