How To Set A Rental Price

April 28, 2025

In partnership with

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🏠 How Do I Determine the Right Rental Price for My Property?

So you’ve got a rental and no clue what to charge. Don’t worry—you’re not the first investor to Google “what’s my rent worth” like it’s Zillow magic. Let’s cut to it.

🚫 First, here’s what not to do:

  • Don’t call a real estate agent if you’re not hiring one.

  • Don’t bother a property manager if you’re not using them.

  • Don’t just pick a number that “feels fair.” You’re not negotiating lemonade.

✅ Here's the smarter DIY approach:

  1. Check current listings on Zillow, Apartments.com, Rentometer, or even Facebook Marketplace.

  2. Look for:

    • Same neighborhood

    • Similar square footage

    • Similar condition (no cheating if your place hasn’t seen paint since 2004)

  3. Look at what’s rented recently, not just what’s listed.

    • Zillow has “Rented” filters.

    • You can also scan public MLS sites or ask your investor friends.

  4. Adjust for features:

    • Does yours have a garage, fenced yard, or washer/dryer hookups?

    • Subtract if you’re missing key features tenants expect.

  5. Test the market:

    • Price a bit high to start and watch the inquiries.

    • If it’s crickets after 3–5 days, you’re too high.

    • If you get flooded with interest immediately, congrats—you priced it too low.

💡 Bonus Tip:

Don’t overthink it. Rental pricing is part science, part vibe check. Data gets you 90% there. The rest? That’s just experience (or lessons).