• A rental price that is below market may rent very quickly and now you are receiving less for the length of the lease, usually twelve months. In a rent control environment you may suffer from that below market mistake for many years because your increases are on a lower base.

• The sale price of a property can be measured in a variety of ways. The Gross Rent Multiplier or GRM is one way that uses income (rent) to arrive at a value or sales price. Simply, if the similar units in your area are selling for a GRM of 10 (according to the MLS comparable sales in your area) and you have under-estimated the rent by $240.00 or $2,400.00 annually. This GRM method would suggest that you have reduced the immediate sale price of the property by 10 x $2,400.00 or $24,000.00

•  If your price is too high then you may wait one to three or more months before you finally succumb to accepting a lower market rate. If it takes three months for reality to dictate, you have effectively given up 25% of your annual rental income on that unit.

• Underestimating the rent rate can cause you lost income and overestimating the rent rate can cause you an extended vacancy resulting in lost income and it can  reduce sales price estimates. You should balance the short-term desire for the best rent rate with the longer-term cost of overpricing and losing monthly income.
  

• The Marketplace: Compare similar units to yours by calling advertised units and ask for square footage and amenities.
  

• Neighborhood: Tour your area to see the true economic conditions of rentals in your area.
  

1. Check vacancy listings to see many units for rent? Who is offering similar housing?
   
2. Have they had their vacancies listed for a long time?
   
3. Are rents coming down or going up?
   
4. Is there new housing deveopment?
   
5. How does your property compare? More charming or in need of work?
6. Note the area amenities such as parks, schools, community centers public transportation or highways. You can help move a vacancy by asking for the transportation needs of a potential renter. Try to show them units that will save them travel time.
7.  If you have a family viewer, be familiar with the parks and schools and community centers nearby and emphasize that.

• Curb Appeal: Notice how your building stacks up against the competition. Consider plants, well-lit interiors, and wheelchair accessibility and safety features such as good lighting, telephone security systems or in-house manager. Never assure that a property is safe, but be able to point to safety features.

• The Internet: It offers a great tool for both researching the right price for your rental unit and for listing it. You can go to professionalvacancy listing companies located on this site, You can also go up to other company web sites that may list vacancies.
  

• Professional Organizations: Check apartment associations, there is a listing of over 600 apartment associations on this site or other professional landlord groups to see if they have any resources that you may use to get a feel for the marketplace.

• Newspapers: We like the free neighborhood papers to find similar properties of apartments. Call and get square footage and amenities and compare the rental unit to yours to get a sense of what the marketplace is asking for like units.
  

• Property Managers: Ask for a consultation. If your rental unit ican command a higher rent than you thought, based on that information it can be well worth the cost of the consultation.

• Parking or storage facilities: these amenities are in high demand and can increase your rentals significantly.

• Coin operated washer dryer. There are companies that will install and repair and collect the coins. These companies help provide extra income and tenants like the convenience interior.
  

• New paint and hardwood floors: are especially attractive amenities. 

• Backyards: Consider common areas such as gardens or garden furniture. Providing a place to escape is highly prized. Gardens can be low maintenance and energy savers too.
  

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