How much rent should i attempt to get

Question

i have a 3bd room apartment about 900 sq ft 3rd floor in the silver lake area in providence ri near cumerford st and wallace st cross.

Half apartment completely redone w new windows other half painted and cleaned up with new floors.

Trying to figure out what to charge for rent.

We were thinking 1200 no utilities with a laundry included in basement and we pay for a 1 year street parking permit ( i dont want to clog up the driving since im living in this multi ). Heat will be forced hot air or baseboards( finalizing quotes this week. Not sure if it would effect rental prices much).

I sort of feel like its too high and i won't find a renter what do you guys think? What should i charge?

Thanks for any help.

--posted one pic of bedroom painted, posted one not done yet still finishing up work --

Anthony Thompson · Answer

@Sherwin Vargas I do feel like that’s a bit of a stretch for third floor with nothing included in that area, but you could try it for a week and see how many calls you get. Have you looked around at what the competition is charging?

Anthony Thompson · Answer

5 calls in a week isn’t a lot TBH, that’s pretty low actually and is an indication (in my mind anyway) that you’re reaching a bit on the rent.Generally it’s better to wait until work is actually done to show it because almost no one (i.e., no one) can imagine what it will look like finished, even if you spell it out for them in detail. People react to what they see, period. If it’s still a work in progress you can tell them all you want about how it will be finished, but they’ve already mentally checked out.As far as when to lower it and by how much, it all depends how soon you’re looking to rent it. If you’re aiming for April 1st then lower it to 1100 now and then if you’re still not getting a lot of calls maybe go down another 50-100 in a week. But if you’re aiming for May 1st then you have a little more time to test the market and can do it more gradually.It’s an iterative process and there’s no right answer here, it’s a mixture of what the competition is doing, front line response to your marketing (calls) and back end feedback you get from calls/appointments.

Account Closed · Answer

As an appraiser, I love craigslist for rental comp data. Often there are interior photos. Often an address that can be used to dig up assessor records, etc. Best part is, unlike listing data, rents are typically not negotiated downward and owners tend to have a decent grasp of their market so, the values tend to be about as reliable as it gets.

Akeim Fin · Answer

I use one of the online services like renometer or cozy to get a starting point then adjust from their. Keep in mind that timing is a big part of this. I had a completely redone 1st floor gorgeous 3 bd 2 bath that I had to rent for 1200 because it was in the middle of the wintering and that was a struggle. Come summer time I was able to easily rent it out for 1350. Sometimes taking lower rent is more profitable than keeping a place vacant for higher rent. Do the math to see how much time is costing you does waiting 3 weeks offset the cost?

Charles Long · Answer

@Sherwin Vargas I'm not familiar with that market at all so I wouldnt know exact rent amounts however my strategy for pricing is to shoot for the low end of the range (if you think you can get $1000-1200 then ask $1000) If you offer a great value you will have your pick of tenants. You can also ask for a longer term lease (18-24 months). Rent it now, rent it quick, then think about edging the rent up. A great tenant is more valuable than a little extra money right now. In the long run you will actually be more profitable with this strategy and less headaches with well qualified tenants. Just my two cents.

Sherwin Vargas · Answer

That was the plan to have it under the window. but then the sink would have been way too close to the stove... Would have ended up being only like 18 inches away from stove and it looked weird. We also didnt want to cover up windows or move windows

Sylvia B. · Answer

Strange kitchen configuration. I would have switched the sink & dishwasher.

Sherwin Vargas · Answer

Sq ft about 900 Yard small but Decent sizeDishwasher yesLaundry- machine use available in basement -free 1st and 2nd are not as updated and also i live in 1 unit and my cousins family in the other $900 each. Our other multifamily no unit is as updated. Worth trying. Ill repost with professional pictures and bonus incentives listing positives once the heat is in. If anything lower price after a week and a half or so.Thanks for all your inputs

Nelson Taylor · Answer

I think people will always pay for nice/quality. I know that market a bit. And $1200 is not crazy at all. What’s sqft? Is there a yard? Dishwasher? Laundry? Yard space? What are you getting for #1 and #2? I say finish it. Take professional photos. And then relist it at $1200 w/ $200 move-in bonus.

Sherwin Vargas · Answer

cost is 100 for providence car registration or 200 for registration from anywhere else from what i researched.