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00:26 Research rental prices for units similar to yours
01:16 Contact property managers to determine a rental price
01:43 Work with an agent
02:23 Calculate rental price per square foot
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How to Determine the Rental Cost of a Property? Setting the right rent for your investment property involves more than simply trying to make a profit. Tenants have so many choices when it comes to rental properties, so you have to make yours stand out. This means setting the right rental price that attracts high-quality tenants and reflects the positive attributes of your property. With a little research, math and market know-how, you can determine the appropriate rental price for your investment property.
Research rental prices for units similar to yours. Find out how much rent others are charging for comparable units. Look on sites like Craigslist, Zillow and Trulia. Drive around the neighborhood to find rental properties that are not listed on these sites. Look for units that match yours in square footage, number of bedrooms and bathrooms, age, amenities and location. Make a list of properties that are similar to yours and write down how much rent the owners are charging and the occupancy rate. Assess whether you can ask the same, more or less rent than these properties based on the location, amenities and size of yours. Keep in mind that the advertised rental price of a property might be too high. If, for example, you find a property similar to yours that has been vacant for a long time, the rental price the owners are asking might be too high. Take this into consideration when setting the rental price for your unit.
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