How to Price Your Rental Home

Setting the rent is one of the biggest decisions you'll make as a landlord. Price too high and your home sits empty. Price right and you lease faster to a strong tenant. Here's how I set rent.

What goes into a rent analysis

• Recent leases of similar homes nearby, from the MLS
• Active rentals, the homes your listing will compete with right now
• Rentals that sat, which show what tenants passed on
• Adjustments for size, condition, updates, yard, garage and location

What affects rent most

• Location, school district and commute
• Updated kitchens and baths, and flooring that's easy to keep clean
• A garage, a fenced yard and in-home laundry hookups
• Whether you'll allow pets, and what's included, like lawn care
• Time of year. In many areas, more tenants are looking in late spring and summer. In Bryan-College Station, leasing follows the Texas A&M calendar.

The real cost of a vacancy

Every empty month costs you a full month of rent. Holding out for an extra $100 a month often costs more than it earns if the home sits for a few extra weeks. A price that brings in applicants quickly usually comes out ahead.

Watch the response

The first two weeks tell you a lot. If there are plenty of showings but no applications, look at the home's condition or the terms. If there are few showings, the rent is often the issue. I'll share the activity and feedback with you so we can adjust early.

Curious what your home could rent for? Call or text me at (512) 629-9050, and I'll put together a rent analysis for you.

Trina Heinmiller
Team Lead | Southern Luxe Group | eXp Realty

Landlord's Guide: Step 2 of 8: Price your rent
← Step 1: Rent or sell? · All 8 steps · Next: Step 3: Rent-ready checklist →

This post is general information. Rents vary by home and market, so ask for a rent analysis for your property.