How do I price my rental property?

[Lucy Rayner]

Hello everyone!

I've been reading lots of article on here and following forums and it's been incredibly helpful but I must say, I'm a little nervous and feel very green as I'm brand new at this!

I'm about to close on my first property and would like to rent it quickly.

Would anyone be able to point me in the right direction as to how I should price the unit?

It's a 2 bed, 2 bath in Los Angeles and I've been looking on Westside rentals to get an idea. The only thing is, I can only see available units and some have been on the market for many months. I'm guessing it is because they are priced too high. But I'd rather not price mine too low either. Anyone have any suggestions?

Thank you in advance!

Lucy