Concerns with market rates and what I should charge for rent

[Hunter Duplantis]

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.

[Savannah Yingling]

Quote from @Hunter Duplantis:

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.

 Hi Hunter! I'm a PM in Maryland. I agree with one of the comments below, follow what your friend is suggesting. If you don't have the tools to pull a proper market analysis, they are likely your best word of advice. Otherwise, if you know any local realtors they can also help see what market rents look like in the area. Best of luck!