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It is tempting, as a landlord, to have a wish list for the price you will charge for your condo rentals or to use some figment of your imagination to set a price. Resist these urges. Setting the proper price for condos for rent takes some thought and time. You should always seek a positive return on your investment just as your future tenants will want a positive addition to their quality of life by renting your condo.
There are two commonly recommended methods to determine the optimum rent for your condo.
Unfortunately, this approach must be used with real world understanding. Should you need to receive $1,100 per month to reach your income goals, but a comparable condo for rent currently commands only around $950 per month, you may have to adjust your expectations.
Understand that the same tenants that are seeking a condo rental in your neighborhood may view yours and compare the quality, appearance, and amenities offered for the condominium rental price being asked. Always remember, the real estate rule that never changes: The market (the renters and/or buyers) determine the price of purchasing or renting real estate.