Rental Rate Issue
I currently live in a condo in a class A neighborhood. I bought the condo new construction in Aug. 2013. It's a mixed use community, the only one of its kind. The newest, nicest neighborhood in the city. I currently live in Frederick, MD which is about 40 miles from DC so we have quite a few government employees and contractors migrating to the area. Directly behind me is a set of luxury apartments. A 3 bedroom there runs $1950-2k per month. My condo is a 2 bedroom. I had the 3rd bedroom converted into a family room by simply telling the builder not to install a closet or doorway.
When I move, I plan to get a closet and doorway installed, making it a 3 bedroom again. The apartment 3 bedroom is about 1400 sq ft. My condo is almost 1900 sq ft. I have granite in kitchen and master bath, dual closets in master, deck, 1 car garage, hardwood on bottom floor. The apartments have similar amenities although no granite in the bathroom and no hardwood. I have been in contact with a couple of realtors and they both have told me rents in the area are between 1800 and 1850. At this price, with a PM fee I would break even. The apartments directly behind me charge between $1950-$2050. In essence what I'm asking is why is there such a discrepancy in the price. My condo is obviously nicer, bigger, and has more features. I would be under the assumption I could get the same amount of rent plus more for my condo. Also note the apartments are completely sold out of the 3 bedrooms.