A key factor in filling your vacancies is setting a price point that will entice renters. Set it too high and you’ll scare away applicants, but set it too low and you’ll be cheating yourself out of money your investment could be bringing in. But how do you know what you’re setting a competitive rental price? With these five resources, you can compare your rent price to those around you, and get a better idea of how you fare in your local market.
- Rentometer
Rentometer allows you to type in an address and the number of bedrooms, and then shows you the rents of other properties in the surrounding area. It also provides you with information like the area’s median rent, and shows which properties are marked at an unrealistic price. There are also other features you can play around with, such as the size the area in miles, the length of the lease, and more. - Rent Jungle
With Rent Jungle, you can see if your property is over or underpriced within seconds. It breaks down what a renter should pay for low, average, and high-quality properties, and displays comparable rents in the area. This tool allows you to see if your pricing is to blame for a lack of applicants, and if you need to reconsider what you’re charging. - Trulia
Trulia’s Local Scoop section, you’re provided with a bounty of information about your area. Not only does it tell you the median price of rent, but also gives you available statistics about crime, schools, and everything in between. With this data, you’ll know what you can highlight in your listing, but also use it as a factor in figuring out how much to charge for rent. - PadMapper
Padmapper is unique, as it only shows you information about listings that have been posted on Craigslist. Using different filters, you can see the rental listings in the requested area. You can examine what amenities people are charging more for, and get a good feel of the median price in the area. There’s also a feature that allows you to compare different properties, which can be a useful tool. - Your Local Realtor
Local real estate agents know your area, and could have information that would be beneficial in setting a realistic price for your property. Consider talking to your realtor, and asking about the price of renting in your neighborhood. See which properties have been snapped up quickly, and which have been stuck on the market for a while.
Setting a competitive rental price can make a big difference in avoiding lasting vacancies. Using these resources, you can investigate the median prices in your area and better assess where you should be setting your price point. Going too high or low could hurt your investment, and a little research can go a long way.
What Tools Do You Use to Set Your Rental Prices?
