How do you set rents for listings and renewals?

With California and New York now joining Oregon in passing statewide rent stabilization measures, many rental property owners now have a renewed focus on moving rents to “market” whenever possible. More states may follow before the wave crests.

But how exactly do you figure out what the market will bear?

While every single-family home and junior one-bedroom apartment is unique, researching other competing listings seems to be a popular method for setting asking rents.

If you research rental listing comps…

  • What are the specific steps you take?
  • What sites do you visit?
  • How do you search on these sites? ZIP code? Neighborhood, etc.?
  • How do you filter your results for relevancy?
  • How do you organize your data and then set the rent for your unit?

Do you have other methods or sources to help you zero in on true market rents?

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