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How to figure out what your property should rent for?

How to figure out what your property should rent for?

There are a number of ways to come up with this magic number.  The first and most commonly used is the wild guess.  The wild guess can be problematic because our human brains will mostly guide us towards a safe number and we will end up giving away thousands of dollars every year.  If you want to give away thousands of dollars then just send them to me at

1525 park manor blvd, suite 261.

Pittsburgh PA 15205

If you would rather keep or even make more money then you need a way to figure out what rental rates are in your area.  The second best way to do this is to look at similar rental properties in your area and see what they are renting for.   Your competition will gladly tell you what they are getting.  You will find their ads on craigslist and the local newspaper.

An easier, faster, more accurate would be to go to RentoMeter.com and type in your address.  That website will tell you the rental numbers for your exact street and number of bedrooms.  Then it is up to you to decide if your property is above average of below average for your area.  I like to keep my property above average for any part of the Pittsburgh rental market.  My goal is always to move the price on my street north of whatever everyone else is getting.  To do this, I tend to spend a bit more on turnover of my rental units than my competitors, because I do this, I tend to get better renters.  To each his own.

 

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