A First-Time Landlord’s Guide to Setting Rent on a Property

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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.

Key Takeaways:

  • 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.”

Read more: https://www.biggerpockets.com/blog/first-time-landlords-guide-setting-rent-property