When I first started as a landlord it is pretty hard to determine what to rent properties for, as you have no idea what the market is like.
There are some really easy ways to get the job done.
Call Local For Rent Signs
This method is too easy. Drive the neighborhood and call 3 or 4 of the for rent signs. You can honest with who you are or you can pretend to be a renter if you want.
Finest Expert is pretty good because you can enter the bedrooms/bathroom configuration of your house and it factors that into the search. I took a screenshot of a search on a property I know about.
This site appears to have been recently re-done… it doesn’t list the properties bedroom/bathroom in detail like Finest Expert does.
How to determine the final price?
So now that you have a price range, how do you determine what to list the property for? All the landlords I know do it a little different. Some landlords like to keep their prices about 10% under market so they keep tenants longer, other landlords like to maximize cash-flow and price at or above market.
We typically fix our properties up quite nicely (mostly because we buy them in such poor condition to start), so we try to price them right at market for the area (hoping that our property being in good condition will get good caliber renters). We also use the retail pricing tricks and try to price properties, for example, we might price the above referenced property at $995 or $1095 just to give people the impression that it is under $1,000 or under $1,100.
If you cannot rent the place in 30 days you should lower the price. We always rent the rent amount, the number of bedrooms and bathrooms on the sign and try to do 3 signs per property. Two on the yard and one in the window.