One way to do this would be to analyze the property within the local area. Look at the properties on the street, and compare your prices. If your charging $400 per month and the neighboring properties are charging $200 for the same property layout then you may want to consider lowering your prices. If your property is much larger however, then you have every ground to stick with your price. If your property is larger, or it has additional space such as an attic or a basement, then you should compare it to other properties within the area which have the same features. If your property is the largest on the street, charging $400 per month and other local properties charge $350, then again you should lower your prices. Just because it’s the largest on the street doesn’t mean you should charge higher prices when compared to other large properties in the area.
Hiring a property manager is a great way to see what the best price for your property is. They do this by calculating a huge range of possibilities, securing the optimum price depending on several factors. These factors can include the size of your property, square feet of space, the residential area and other rental properties on the market. Your location can largely determine your rental rates. A large property in a rundown area may not reach as higher rental rates as a property in a well kept area. A property manager will be able to guide you through this process- helping you along the way and guiding your investment toward success. They will charge a fee for their services, but you will receive so much more in return from both their expertise and experience.