Whether you’re a first-time landlord getting ready to put your rental property on the market or a more experienced landlord, deciding how much rent to charge can be one of the more difficult decisions of the rental process. BUT IT IS VITAL TO YOUR SUCCESS AS AN INVESTOR!
The rent amount you decide to charge will impact your profit, tenant quality, vacancy periods etc.
To determine the rental price of your property consider the following:
Put yourself in the client’s shoes
Figure out who your ideal tenant is. From that you will be able to gauge how much they can afford.
Connect with a realtor and ask for rental comparables.
Consider the value of your property