Unsure what to charge your tenants for rent?
The tips below can help you figure out how to set the correct rent price for your rental properties!
1. Research listings
While it may be time consuming, knowing what other landlords are asking for rent in a given area goes a long way to letting you know what you should charge.
2. Ask someone who knows
Anytime you want to know something, it’s always best to talk to someone who’s “been there, done that.” experience breeds success, so talk to others who have prior experience setting rent prices.
3. Compare actual rent prices in a given area
If you want to set the correct rent for your rental properties, you have to take the time to do your homework. The more you understand about the other rental properties in your area, the more able you will be in setting a price that generates you a profit while making your tenants happy. Use the information above to figure out how to set the correct rent price for your rental properties.
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