photo credit: ?Florian
Whether you’re new to the landlord game or an old pro, you may be wondering if you’re charging your tenants enough rent. If this rental unit is new to you then you should request a past rental history report. Although this will not guarantee your rent should stay at the same level it’s a good starting point.
If you’re just freshly through the purchase process or still in the midst of it, your real estate agent can give you a ton of information on what rent is appropriate for your property and location.
Whether you’re new or not, you can get a lot of information from the internet. Search for rentals in your area and buildings that are similar to yours. Make sure you’re comparing apples to apples and not oranges in this situation. A luxury apartment is obviously going to command a higher rent than efficiency.
If you live in an area that is seasonal due to a tourism season or college, keep your eyes on rental prices during the off and high seasons. It’s not uncommon to rent these units for more during the peak times and less during the off seasons, or you may offer a reduced rate for the peak season if you can get a tenant to contract for the entire year. It all requires a bit of research and comparison.