There are on-line services such as Rentometer and Ziply. They can give a guide, but remember these are asking rental rates. There is no reporting to these service of what the property actually rented for.
All properties are not the same and regardless of what you neighbor received for rent a comparison should be made. They may have some features that you don’t have or perhaps you have more to offer.
Another method is using a property manager who are in the loop daily and know what properties will fetch in the market.
And of course test the market with an asking rental rate. If nothing happens in a couple of weeks lower the rent. The market changes daily with supply and demand. What happened yesterday many not happen today.
By Lambert MPM RMP
Buyer consultant and property manager Visit www.arbourpm.com regarding our services. Visit our book store at www.expert-landlord-resources.com/resource-store.html featuring my book House Investor’s Manual.
We have discontinued comments. because of irrelevant comments and link hookers. If you wish to contact me I welcome you to do so at propertymanager@arbourpm.com
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