Help me with Pricing my rental

[Steve S.]

I'm preparing my latest rental and had someone come by expressing a lot of interest in renting it before it goes in the market. 

I have another rental that is 6 years older and another 400 sq ft bigger that rents for $1,600 but is 15 min from town. 

The latest rental is in a prime location, built in 1984 w same number of bathrooms and bedrooms and a bit smaller yard but same school district. 

I was pondering asking $1,500 but do t want to scare them off. 

I know this isn't enough info because you would need location wtc but on a relative basis to the rental in the same town, how would you approach the negotiation?

[Michael Noto]

@Steve S. If these people really want to get in the neighborhood that your house is in they will pay the $1500 because they should realize the advantage to being able to rent the property before you put it on the market to the public.  Once you do that, it will become a lot more competitive for them.

Start the conversation with them, they could have a bad sense of the market and not consider paying $1500 or the flip side they may jump at the opportunity.

Lastly, you haven't screened these people yet either.  Take it one step at a time and don't overthink it.