How to command a higher rent?

[Ava G.]

I've bought a rental property recently, my first one, and am looking at similar units nearby for the market rate of rentals.

To be able to cash flow, I need to charge a monthly rental of about $800. However, when I did a bit of research, I noticed that bigger units rent for the same amount (say, both are even in the same location).

My question is, how do I justify renting out my unit at the same price if it's smaller? What other factors can I improve on to compensate for the unit's size?

[Bryan O.]

@Ava G. also take from this the bigger lesson: due your diligence before you buy! You would have been able to see that the higher rent you are after would not be likely and then you could have passed on the deal or negotiated a lower price. Now you're left holding a negative cash-flow property due to something that could have been discovered with 10 minutes on the Internet prior to purchase.

My first deal was pretty bad, so don't take this as being mean, just make sure to learn the lesson so your next deal is better :)