By Dave Spooner
Renting at below-market rates is a common problem among new real estate investors. How do you know what constitutes a fair rent rate? And what if that rate leads to vacancies or losses? Setting the right rent rate is a skill that requires practice. There are many things to consider in your analysis: property features, number of bedrooms, market trends, policies, and more.
Understanding your market and your renters is the first step toward setting an appropriate rent rate. Here are five things to consider when setting a fair rent rate for your properties:
Related: 7 Common Mistakes Made By New Real Estate Investors…