When you’re preparing to rent out a property, you’re going to have to attache a competitive rental value to that home. Tenants are more educated than ever, and they’re going to know what your place is worth. If you’re renting out an apartment or a unit in a multifamily building, it’s essential that you know what similar properties are renting for. Access multifamily market data before you put a rental price on it.
You’ll want to evaluate other units in the building. See what they have rented for recently, and whether your property is in similar condition. If you have upgrades like hard surface floors or granite counters, you may be able to charge a little more.
It’s not just pricing data that can help. Analyze how long units are vacant. You don’t want to lose extra money overpricing your rental property because that will lead to a longer vacancy.