If you have access to the Multiple Listing Service (MLS), that’s also a good place to look for comparable properties. You’ll also get a lot of data about how long the homes have been on the market and whether the price has been reduced.
You don’t want to overprice the home. When you do that, it stays vacant on the market. You don’t earn any rental income and the property becomes stale. Or, you’ll attract desperate tenants who are willing to pay a premium because they need a place to live and no one is approving them. These will not be good long term tenants and they won’t take care of your property.
If you’d like more information on rental home prices, or you need help setting a price on your property, please contact us at Re/Max 200 Realty Property Management Division.