For landlords, rental properties draw small margins, so it’s important to set the rent at a proper price. The best place to start is to scope out other rental properties in the neighborhood to determine a competitive starting point. Then, landlords should use online tools to compare their property to others. Certain properties and areas will have small pockets of higher-priced housing, so landlords should do as much research as possible before setting the price to turn the highest profit.
- If you’re considering becoming a landlord and don’t know how much to charge for rent, consider these tips.
- There are some websites you can check to see what the average rent is around you.
- You can even visit other rentals in person to see how yours compares.
“Unsurprisingly, the best way to find out what the market rent of a property is, is the same method used to determine its value: compare it to similar properties nearby.”