Just got an offer accepted and I must say that I am excited. I wanted to ask you all a question regarding my rental property and rent for my units. So I would be the owner of a 4plex with 1br/ba per unit in portchester New York. Avg rent for a single bedroom is exactly 1600. I’d allow them access to the backyard and laundromat but they pay all the utilities and I’m looking to net 1700 a month per unit. Do you think my pricing is fair or aggressive?
Congratulations Andy! Impossible to answer your question for anyone outside your city. And even if your property would be in my area I would need to understand the condition, standards and finishes.
Best thing you can do on the next weekend is go mystery shopping and pretend you want to rent a 1br. Check out all the different posts, make appointments and go see them. You'll be surprised how much you will learn from your competition!
What are the units currently renting for and what are the terms of the lease? You have to abide by the current terms of the lease until they expire.
Put yourself in the tenant's shows and ask if the average rent is $1600, what makes your unit worth $1700?
First off- Congrats on taking action! Many people dream about owning real estate but never pull the trigger.
Second- Knowing market rents is something one should be certain about before they start throwing offers out. A 1bd/1bth SFH with huge yard can vary greatly from a similar unit in a apartment. Go on Facebook, Craigslist, Zillow etc... and see what similar units with similar features are going for in your area.
Worst case scenario- list them at 1700 and cut the price after 2 weeks if no solid potential tenants apply.