Rental Pricing Strategy

[Steve J.]

Hello All,

I am renting out my first property that I am house-hacking. It’s a single family, and I am using property management for tenant placement. I would like some advice on the pricing strategy, both property management companies told me realistically I should expect $1,640 - $1,660. One told me that due to the virus, average days on market are higher, and viewing of houses has taken a dip as well. She recommended that I come in as close to the “realistic price” as possible and that given the circumstances (increase average days of market, less contacts, etc.) I shouldn’t be aggressive. What approach do you guys recommend I take with the pricing? Come in right at what I’m being told I’ll get or come in high and see what happens then make adjustments accordingly? I plan on listing it Tuesday. Please give me your thoughts.

Thanks