Pricing my rental unit

[Eskat Asfaw]

I am wrapping up rehabbing my first property by myself in DC and getting confused on how to price it, It is a townhouse 4bed, 2.5bath in NE

I am hoping to rent it to someone with a housing voucher covering 90%+ of the monthly payment. 

DC Housing told me to look up our address on affordablehousing.com, and that is the max we can rent the property, it shows $4,270, and I would like to rent it at $4500.

I posted the unit on Zillow at $4500 to gauge the response, and I got 15+ applicants within a few days. I am unsure if this means the price is correct or too low. 

Any advice on how I should think about pricing the property would be helpful. 

[Nathan Gesner]

Quote from @Eskat Asfaw:

Where are you getting your numbers? You shouldn't pull them out of thin air.

Look at a variety of websites marketing rentals: zillow.com, realtor.com, apartments.com, etc. Look for properties in the same (or similar) neighborhood with the same size and amenities. See what others are renting for, the price yours accordingly.

You can't do this once and know the market. Just because a house is listed for $4,500 doesn't mean it rents for that price, or that it rents quickly. If you watch the market every day for a couple weeks, you'll quickly learn what is renting and what is sitting on the market. You'll see price adjustments.

I recommend you watch the market daily for at least two weeks to get an idea of what is happening, then list your property for the right price. Even after renting, you should check the market every month or so to keep an eye on prices, vacancy rates, etc.