Your last tenant just moved out and you're ready to advertise your rental property. What price do you choose?

In this blog, I'm going to show you how to get an accurate rent estimate and choose the optimal price.

Step-By-Step Free Rent Analysis:

4. Click on each of the visible rental comps. Is it of similar quality and size? If it is then look at the # of contacts compared to the days listed. More contacts/week mean that their pricing is generally correct.

5. After doing this you should have a good sense of rent prices near you. In the example above, renovated 2-bedrooms are averaging about $2,500/month

So, how should I price my rental?

It's smart to list 3-5% below this average. The average will include some properties that are priced too high and haven't been rented yet. By setting your price 3-5% below the market average, you will get more clicks and more leads, which leads to much faster leasing.

Want to see it in action? I recorded a quick video tutorial below:

Don't forget...

• Most tenants filter based on the maximum rent they can afford and don't negotiate. Looking at RentEngine data, only 11% of properties rented for less than the listed price.
• Lower price doesn't mean faster leasing. Combine good pricing with appealing photos and a well-written description. The prospects are judging your property's quality based on the quality of your advertising.
• A couple blocks can make a huge difference. While researching the comps, avoid properties that are in different neighborhoods (even if close by). Being on the other side of a highway or outside of your school district can make a huge difference in pricing.

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