DO You Rent Your Property Top of Market Price, Middle or Lower End?
Always aim for the top of YOUR market, whether that be high end, middle class, or low income.
I like to set rents slightly below the competition in order to fill my units quickly when they become vacant.
I also aim for the top of my market and set the rent a little lower than the usual in my area. This attracts a broader variety of potential tenants of which to choose from.
Your market depends on the quality of your unit, and most importantly, the quality of the neighborhood. You can get an idea of what similar properties rent for by looking at craigslist ads. There are other ways, but that is what I do.
Agree, I use Zillow and craigslist and also calling around to the larger complexes and pretending I'm a perspective renter. I then try and see what finishes the competition has in their rentals and do mine just a touch nicer. I try to find features, like an attached garage or include high end front loading washer and dryer to give my property a leg up. Using this, I have always been able to price at the top of the market, find good tenants quickly, and keep them there for an extended period of time. I also like to point out the advantage of dealing with a personal owner vs a large rental company when they need something fixed (which I personally think IS worth something).