how to set rent price

[Sanjay Sharma]

Hi, I'm almost done with rehab of my triplex.  I'm trying to decide what to rent each property.  my prop manager used rentometer and recommended the following:

3/2:  avg:  $2600, median $2700, 25% $2200, 75% $2900.  

2/1:  2000

1/1:  1600

The properties will be shiny and remodeled, i.e. new kitchen, bath. the 2/1 will be brand new.  location is long beach, 90807.  available 6/1/2020.  what price should I list them at.

[Nabil Suleiman]

@Sanjay Sharma

I always start at a higher number if I’m not in a huge rush to get it rented right away. Lowering prices on rentals is never an issue and is not looked at the same way as doing a price reduction on a home. If after a week you have no attention, drop to your next number and test it out again.