How much to charge for rent

Question

Hi guys, I'm doing research right now on how much rent I can charge for a brand new unit that includes 4 bedroom two full bathroom (Unit is still under construction). The unit has no washer or dryer machine and is located in south Los Angeles. There is no parking in the unit but has plenty of street parking. Looks like rent is coming down a bit with some units renting for 3k a month for a 4 bedroom around the area. Any landlords in the area on how much rent I can charge to get the most money possible ? Appreciate the responses!

Charley Gates · Answer

That's a great point about not relying on "for rent" units as comps; they may be overpriced since they are still available.  This is similar to only using "sold" comps and not "for sale" comps.

Eliott Elias · Answer

You can only charge based off comps. Get on Zillow and see what is active and similar in your area.

Rick Albert · Answer

I would also check Facebook Marketplace. Almost all of my recent tenants came from there.

You also mentioned no parking or washer/dryer. For a 4-bedroom, you are likely attracting some sort of family. Many families was parking and washer/dryer. When looking at comps, make sure to find ones as close to yours as possible. If you can't, then I would recommend discounting the price to bring in the biggest pool of tenants. I can't say what that discount is without the data.

Good luck!

Michelle Crochet · Answer

I agree with the other comments!

Here's my take:Analyze comparable properties: Compare your unit to similar properties in terms of size, location, and condition. This will help you determine a competitive and reasonable rental price.

Here are website suggestions (to have more comparisons):

-Zillow (www.zillow.com)

-Rentometer (www.rentometer.com) as suggested by Charley!

-Apartments.com (www.apartments.com)

-Rent.com (www.rent.com)

-Trulia (www.trulia.com)

-HotPads (www.hotpads.com)

-Craigslist (losangeles.craigslist.org)

Charley Gates · Answer

Hi Cesar:  I use Rentometer (https://www.rentometer.com/) to gauge rental rates.

Another option is to ask a leasing agent or a local property management company in the area for their opinion.

Best wishes!

Adam Martin · Answer

It is vacant so you have time.  I second searching zillow but I'd say save every home in the area that comes up for rent to create a database.  When you are ready to rent refer to your list of homes.  What is for rent now is helpful but really they are still for rent.  While the available rent stock helps create a price range the real information is in what has already moved.  When a tenant gives notice I do this and the information is really helpful to paint a picture since often the houses that are stagnant are overpriced and can create some unrealistic expectations.

How much to charge for rent

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