Following are 10 tools to help you price your rental property.
There are more, of course, but these are some of the more common ones.
1. Look at rentals on Craigslist for your area.
2. Check properties of similar size, location, and condition.
3. Check comparable “for rent” ads in your local newspaper.
4. If you have multi-units, check Apartments.com.
5. Contact a local property management company.
6. Call “for Rent” properties in the same area.
7. Check with a real estate agent.
8. Connect with other local landlords through area associations such as your local Real Estate Investor Groups (REIA) and landlording associations.
9. Check rental listing sites such as: Rent.com, RentalHouseHunt
10. Make sure your rent will cover your costs – mortgage principal amount + interest payment + insurance + taxes + HOA dues (plus, hopefully, some profit).
For more help with your rental properties, be sure to check out my book The Essential Handbook for Landlords – only $2.99 as an eBook!
What comparisons, Internet sites, or other tools do you use to determine rental rates?