Read the blog below:
How much do you charge for rent? We get this question a lot. We get it from prospective landlords, both that are friends, customers, property management customers. We hear it a lot. Guys, this is capitalism, get whatever you can get. It’s no different than selling your property. You’re trying to get as much as you can and there is a limit. First thing you can do, especially if you’re thinking of buying something, or maybe you inherit a multifamily property is, you can get connected with an agent, get an assessment of what you could get.
You could talk to three or four agents and get opinions on what you could obtain for a monthly rent. You also can go online. This is the easiest way. Look at other properties that are similar. If you inherit, or you buy a three-bedroom condo and you want to get it rented, look up three-bedroom condos in that area, see what they’re posted for, for rent. Also, pay attention. Are they actually renting or are they sitting there? You see five properties in your neighborhood posted for say $1,800.
Maybe it’s a three-bedroom apartment, $1,800. None of them are renting. The same listing is there week after week after week. Then that means maybe your rent should be $1,700 or $1,600. Always remember the law of attraction. The more people you attract, the more leverage you have, the more power you have. You are better off getting multiple applications and being able to hand-select the tenant that you want than having to bait for one or chase people.
Keep that in mind. Do that research and if you can sell for the property management company or professional realtor who handles this kind of thing all the time, it’ll be a lot easier for you. That’s a quick version of how you go about determining what you should charge for rent or what you should at least attempt to charge. Good luck and happy renting your property.