How is rent typically determined on a rental property?
It’s all about what the market can bear. If the block has three other similar houses for rent at $1,000, you aren’t likely to get much more than that.
Of course you have to adjust for things like updates and amenities, but it’s really this simple.
You can also use Zillow.com and rentometer.com to validate your numbers.
Thank you Stanley
Btw- I have seen people get away with asking for and then receiving much higher than market rent. This unfortunately also can lead to a higher probability of default once the tenant realizes it.
Yea I would say so. It would probably make it harder to rent out
Good points, Stanley
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