listing a house for rent above market estimates

[Tom R.]

I've just listed my first investment property for rent. Zillow and Truilla estimate the rent to be $950 but I put it at $980 because it is a fresh remodel and has all new appliances, flooring and energy efficient windows. My realtor said I could get $1000 for it but I felt that would be pushing it. I hadn't expected the sites to put their estimates right next to my price. I'm worried that this might scare away some applicants.

Does anyone have any experience with this?

[Jim O.]

My most recent rental was listed $100 above zillow and had a lot of applicants.  It was leased very quickly.  Oddly enough, after the house was rented, the zillow estimate matched what it was listed at.  I did not look at redfin.  New floors, removed popcorn ceiling, new paint inside/out, new tile/carpet, new light fixtures, landscaping front/back, granite slab in kitchen, new appliances.

This was a 2bd/2ba that rented for what many 3/2s go for in the market.

I read somewhere on BP that a quality rehab draws better tenants, as I am only two months into the lease, I cannot say for sure, but I am hopeful.