For the Housing Choice Voucher program, rent rate ranges are established by the local Housing Authority based on a variety of criteria. However, HCV rent will always fall within the market rent and rent increases can be requested to maintain market rates.
For all non-Section 8 rentals, any number of factors affect rent and may not always be obvious: number of bedrooms and bathrooms, location and neighborhood, competition, amenities, condition and newness of the home, pets, and square footage, just to name a few.
How to tell if your rental is priced too high:
- Few or no inquiries after a week of being listed.
- Inquiries but no showings.
- Showings but no applications.
How to tell if your rental is priced too low:
- Flooded with inquiries and showings within the first few days of listing.
- Applications without seeing the property.
- Requests to hold the property with a deposit.
If you want to be sure that you are getting the highest rent possible, run the listing at your desired rent amount for a week but be ready to reduce the price. Don't keep hanging on to a high price in the hopes that the right person will come along ... soon.