How to price rentals

[Destiny Mix]

About to put my first rental on the market. I’m having trouble finding comparable properties, which I take as a good sign since I’m in a hot market. I obviously want to make the most amount of money possible, but I also want to get tenants ASAP. How do you strike a balance? What are your metrics?

[Laticia Braxton]

I would suggest that you also check Zillow and Redfin for current rental listings in your immediate area. Even if your property is unique, you can still use the basics (number of beds, baths, amenities, etc.) as your metrics to evaluate other comps for rent in the area. You can also ask a real estate agent to do a quick check of the MLS for recent rental leases closed in the area, so you know what the actual leased amounts are. Asking rents vs. actual rents can be quite different sometimes.

I also suggest that you try self-managing your first property. I won't tell you that it's a cake walk, especially if you don't have experience in property management, but if you have the time and willingness to do it, it will definitely be a valuable experience in your REI career. Feel free to reach out to me if you have any other questions and best of luck to you!

Laticia