The rent is too damm high.

[Account Closed]

I usually price higher than the competition per SQ FT, even when their units are more attractive, and my vacancy rates are extremely low.

Aside from getting less phone calls, and potentially spending more time talking with potential renters, what are pros and cons of pricing higher than competition? 

[Matt K.]

It'll either come off as a bad value (unlikely to call/view property) or better quality to others. We have been conditioned to accept that a higher price means a better quality item even if it isn't.

Some reading material if you want more examples:

http://moneyandvalues.blogspot.com/2008/03/psychology-of-money-we-think-higher.html