How to set the right rent for your unit

Priced right the first time beats chasing the market with rent increases later.

Start with real comps

Find at least 3 currently-listed or recently-leased units within about half a mile, matching bed/bath count as closely as possible, then adjust for condition and amenities. A single comp tells you very little — three or more starts to show you a real range.

Price in what makes your unit different

Specific features move rent by a predictable margin — it’s worth pricing each one in rather than guessing.

• Updated kitchen or bathrooms: +3–7%
• In-unit laundry: +3–5%
• Off-street parking or garage: +2–5%
• Pet-friendly: often +2–4%, plus a pet deposit/fee

Watch for market drift

A good, reliable tenant who renews year after year can quietly end up 5–10% under market, since rent only moves at renewal while the market moves continuously. It’s worth checking current comps annually even for tenants you have no intention of losing.

Weigh the increase against vacancy risk

A $100/month increase is $1,200/year — but one month of vacancy on a similar unit can cost as much or more once you add turnover cleaning, re-listing, and screening. At renewal, a moderate increase a good tenant will accept usually beats a larger one that pushes them to leave.

When to hold instead of raise

If a tenant has been reliable and the gap to market is small, holding rent flat for one more term is often cheaper than the real cost of turnover — factor in the vacancy, the cleaning, and the uncertainty of who replaces them.