How to Learn Market Rents

Doing just an hour or two of research can end up saving you hundreds, even thousands of dollars over the next year in lost rents. Charging too much can result in high vacancy rates, while charging too little means you lost out on rental income you could have received. By charging exactly the Fair Market Rent, or slightly above or below depending on the demand, you can price your rental unit to lease quickly without leaving money on the table.

Instructions

1

Purchase three of your local newspapers and open up the classifieds section. See what other apartments similar to yours are charging. Make sure to also pick up a copy of the Sunday papers, as many landlords choose to only advertise on Sunday to save costs.

2

Call up a few Realtors in your area that do rent placements in addition to real estate sales. Ask them how much it would cost to rent a unit in your area.

3

If you have a multi-unit complex, call up a few property management firms and ask them what rental rates your area currently gets.

4

Visit Craigslist's real estate rental section. Take a look at what other units in your area rent for. Be sure to take into account the different conditions of the apartments. A pristine apartment could go for much more than a rather shabby apartment even if they're only a block apart.

5

Visit the Rentometer website (rentometer.com). Plug in your address to see what others near you are charging and how you compare.

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