How to Set Monthly Rent

[Bob Ebaugh]

We have 15 doors, some SFH, some duplex/triplex's in St Petersburg FL. We've been setting rental rates based on Zillow, Rentometer and a review/competitive comparison to what's currently listed. However, we are consistently able to find a tenant in 48-72 hours from the Postlets/Zillow Rental Manager posting alone. We gave up on Craig's list here due to quality of tenants. Generally B class properties.

Should we ask more?

I think we could raise the asking price higher, and if not rented in 7-14 days, lower the price and end up where we are.   Don't think it's the same as a listing to sell price where being high originally can hurt you.   The rental prospects turn much more rapidly.

How do you set your rental rates?