The right rent is the highest number that still gets a qualified tenant signed quickly. Here's how to find it without guessing.
1. Find 5 to 10 real comparables
Look for homes currently for rent, or rented in the last few months, that match yours as closely as possible:
- Same neighborhood, ideally within a mile
- Same type (house, condo, apartment) and the same bedroom count
- Similar size, within about 20% of your square footage
Use the big rental sites, local property manager listings and recent leases you know about. Note the asking rent and, when you can, how long each one has been listed. A comp that's been sitting for 45 days is priced too high.
2. Adjust for the differences
No comp is identical. Adjust up or down for the things renters pay for:
- Garage or covered parking, in-unit laundry, central air
- Updated kitchen and bathrooms, yard size, pets allowed
- Utilities included, school district, distance to major employers
Write the adjustment next to each comp, then look at the range. Your rent should sit inside it.
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Tell us about the home and we'll send back a suggested rent range based on comparable rentals.
Get my free rent review →3. Remember what a vacant month costs
Each month empty costs about 8.3% of a year's rent. If a home at $2,000 sits one extra month because it was listed at $2,100, it would take 20 months at the higher rent just to break even. Starting slightly below the top of the range usually wins.
4. Launch with great photos and a clear listing
Price and presentation work together. A well-photographed home with complete details can rent at the top of the range; a dark, vague listing can't. See how to write a rental listing that rents fast.
5. Read the market after 7 to 10 days
- Lots of inquiries and several applications: you're priced right, or a bit low. Choose the best applicant.
- Inquiries but no applications: something in the showing or the listing is off. Check photos, details and condition.
- Few inquiries: the price is likely high. Lower it by a meaningful step (2% to 5%), not $10.
Raising rent on a current tenant? Different rules apply. In California, many rentals are limited by AB 1482. Read how much you can raise rent in California.