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Updated about 2 months ago, 10/03/2024
Concerns with market rates and what I should charge for rent
So I have spoken with a friend that manages an apartment complex minutes from mine but is a little nicer. Her rates for rent are in the 1300s on up. I have my rent average at 875 not counting the section 8 tenant I have which pays me 1270 a month. My friend tells me I should charge 1100 to the new tenant that I’m trying to acquire. My complex is in an area that has some sketchy 4Plexes and apartments around it. Not all of them are sketchy, but about half. This is my first complex and first time having a vacancy so I’m just a little nervous about what price to charge and how long it will take me to acquire a tenant that is willing to pay it. if there’s anyone in the Baton Rouge area that can kind of help me, please respond. Thank you.