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What should my apartment rent for? Am I charging too much? Too little? What is the secret to determining the exact, right amount of rent to charge?
The traditional way to determine what your rents should be is to look at comparable properties, by inspecting them, calling the properties, looking at the classifieds, or searching for them on the internet.
Newspapers are probably the quickest and easiest way to get an idea of what other similar units in your area are renting for. Don’t just consult the larger papers, be sure to look at the smaller ones also. Also look at For Rent and other similar publications.
The internet is quickly becoming the medium of choice for renters and landlords to find each other. Be sure to look at what’s available in your market from these sources.
Drive around the neighborhood. Look at “for rent” signs and write down the phone numbers and a description of the property. Then call. Find out about the rent, deposits, pet policies and other issues. Compare your property honestly to those in your neighborhood and adjust for amenities.
These are the normal approaches investors use. But there are some other strategies and techniques you should consider.
