Just Below Fair Market Rent

[Josh L.]

If you know what the fair market rent is, how would you price your rental so that its just below fair market rent? Would you determine that as a percentage of the fair market price, or are you just subtracting $X dollars from the fair market price?

I want to price my rental below the fair market price to reduce how long it stays vacant and to attract enough qualified applicants so I can pick and choose the best possible tenant. 

At the same time, I don't want to leave too much money on the table by pricing it too low. Sometimes, I have this nagging feeling that I could have asked for more money.

If I priced it significantly lower than fair market price, I could accomplish those goals. But, if I priced it higher but below fair market rate, I could still accomplish those goals while keeping more money for myself. 

Let's say I determined the fair market rent should be $2800. I've checked Craigslist, called landlords, MLS, etc.. And, I know with certainty that's what the comps have rented out for.

What would you price it so it'd be just below fair market rent and still accomplish my goals?

$2795 would be below fair market prices, but that price difference doesn't seem significant enough to make a difference.

If I priced it at $2500, 10% below fair market price, then it seems I'm leaving too much money on the table.

I'm looking for that sweet spot, that just noticeable difference, where a qualified applicant would view that as just enough to notice it was cheaper than the comps but without giving away the store at that price.