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

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.”