When it comes to renting out a property, setting the right price is crucial. It’s the balance between maximizing your income and ensuring your property doesn’t sit vacant for too long. Eddie from Access Property Management Group shares insights on how they determine rent prices, providing a clear and straightforward approach to a question many property owners have: “How do you come up with a rental rate?”

Understanding the Market

The first step in determining the right rent price is understanding the market. This involves looking at comparable homes, which can provide a baseline for what you can expect in terms of rent. Here at Access, we leverage our extensive portfolio to compare similar properties we manage. This internal comparison is a valuable asset because it reflects real-time data specific to their managed properties.

Utilizing Online Tools

In addition to internal data, using online tools like Zillow and Rentometer is crucial. These platforms offer a broad view of the market, showing current listings and the prices at which similar units are rented. This external data helps in corroborating the figures derived from internal comparisons and provides a comprehensive view of the market conditions.

Owner Insights

If you’ve managed your property yourself before, your experience is invaluable. Historical rent rates and your understanding of what tenants are willing to pay can significantly influence the set price. We value this owner insight and often incorporates it into our pricing strategy.

Pricing Strategy

The goal is to set a price that will move the property quickly but also at a fair market rate. If a property is priced too high, it risks prolonged vacancy. We proactive in adjusting the price if necessary, sometimes as frequently as once a week based on the market response.

Market Response

The effectiveness of the pricing strategy is measured by three key indicators:

  1. Phone Calls: Are potential tenants calling to inquire about the property?
  2. Showings: Is there enough interest to bring potential tenants for walkthroughs?
  3. Applications: Are potential tenants applying to rent the property?

These indicators help gauge whether the rent is set appropriately. If all three metrics are positive, the pricing is likely spot on. If not, it might be time to adjust.

An Important Note: Maintaining Property Condition

It’s not all about price. The condition of the property plays a significant role in attracting tenants. A clean and well-maintained home is more likely to generate interest and fetch a higher rent.


Setting the right rent is a dynamic process that involves a combination of market data, personal experience, and responsiveness to market reactions. By following these guidelines, you can ensure your property is priced appropriately, attracting tenants quickly and maximizing your rental income.

About the author

Eddie Beekman is the founder of "Give Your Clients Your Cell Number", because he believes there is no reason for poor communication! He tackles the daily management and maintenance issues that arise in the operations at APMG. Eddie is an excellent video blogger and likes to add humor to his videos. After 18 years of Property Managment you think you've heard it all, until tomorrow and it starts over.

Have questions you'd like to bounce off Eddie? Just give him a call or drop him a question through our contact form and he'll be in touch ASAP!