5 Tips for Setting the Right Rent

house on a pile of money

When you are the landlord of a home or apartment and you are tasked with setting the right rent, your first instinct may be to charge as much  as possible. It’s natural to want to make as much from your rental as possible, but there are some things you should consider before choosing a rental price.

1. Unit Appeal

The more attractive and appealing your unit, the more you can charge for rent. Renters will not be willing to pay top dollar for a unit with little amenities or one that is need of a lot of work.

2. Be Competitive

Check out other units in the same neighborhood as yours and choose your price accordingly. By offering a comparable unit at a slightly cheaper price than another similar homes or apartments, you could win over a renter.

3. Experiment

Don’t be afraid to try a few different prices to see what works or attracts renters.

4. Consider The Market

The housing market can have an effect on what renters can afford and are looking for. Be aware of the market and price your rent accordingly.

5. Make A Profit

Always set your rent so that it allows for you to make a profit after all your expenses.

These tips can help you not only attract renters, but also build a relationship with them that allows you to profit from your rental for as long as possible without hassles and excessive turnover.

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