Landlord Question and Answer Forum

I am a newbee at being a landlord and we just put our home on the rental market and in two days, I have recieved six calls of interest. I am wondering if I could ethically increase my price since there seems to be a bigger interest than anticipated. I think I set the price too low.

You haven't signed any lease agreements yet, but you may lose good rental applicants if you try to raise the rent to them now. If you're 100% convinced that you priced it too low, pull the rental listing and list another ad with a higher rent amount.

Posted by Gregory T, CA on Thursday, July 7, 2011

Also... 6 calls of interest does not equate to 6 rental applications. I had about 10 showings (about 14 calls of interest) on my apartment which I thought I had a competitive price. I received 3 applications, none of which I liked so I waited 2 more weeks with 3 additional showings and 1 application that I liked and then accepted. This was during March/April in NH (still cold/snow on the ground) and in the summer months you are more likely to have more traffic (in NH) but I can't say how the AZ demographics for renting are. If you are targeting families with school age children - June-August are your best months and you can most likely get the highest rent per month.

Posted by Eric D, NH on Thursday, July 7, 2011

Unless you are way too low, you could always rent at the advertised price, then when the year lease is up, raise the rent by sat $25/month

Posted by Dee M, IA on Thursday, July 7, 2011

I assume that you did some research before setting your rent amount. I like to be fairly in the market for what I have. You also have to consider the period of your lease agreement. If its month to month you havent done your self any favors if you price it too high and someone is just looking for a better price. If you have done your research and feel that you have made a mistake, pull your ad and readvertise at the higher price. I would do a quick look on craigslist for your area and see where you are at. Also make sure that you do protect yourself and do the proper screenings. Ususally, not always, the first to respond to an ad have limited credit and a story to tell. Unless you have a highly sought after location or as you suspect are priced way too low. In general the rental market is demanding higher rents than last year. If you have assumed a rental home and based your rental price on that history you are most likely priced under the market.

Posted by Lori G, OR on Monday, July 11, 2011