What Will Your Home Rent For?
15 tips & tools for pricing your rental home correctly.
The people over at BiggerPockets.com sum up the dilemma of pricing out your rental home perfectly: “If you’re charging too much, you’re likely to be sitting with vacant units. If you’re selling yourself short, you’re leaving profits on the table.”
So what are you supposed to price your property at? Unfortunately this riddle doesn’t have any easy answer. There are many factors to think through when deciding what your specific property can rent for.
Luckily, BiggerPockets has compiled the Ultimate Guide to Fair Market Rents make the process easier for you.
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A key takeaway from the post is that by far the most relevant factor to your pricing decision is what landlords are renting properties like yours in the same area for. They suggest comparing prices of homes listed for rent in your neighborhood, checking the MLS or scrolling through Craigslist to get a better feel for the lay of the land.
For more advice and help on making the right pricing decision, head over to BiggerPockets.com to check out the full article for yourself.
The Ultimate Guide to Fair Market Rents | Bigger Pockets