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Updated over 5 years ago,
Basement Apartment Pricing/Marketing
I recently purchased a home with a private basement apartment; I will live upstairs and tenet will live downstairs. I plan on renting out the basement for $1100/m including utilities since the apartment is not individually metered. The problem is that I haven't had too many bites at the current price. Perhaps $1100/m it too pricing for the neighborhood or perhaps I do not have the best photos.
A friend suggested to me that I should lower the rent to $950/m then charge $150/m flat rate for utilities. I like the idea of lowering the advertized price and charging for utilities, however, it feels like bait and switch. I am also concerned about a tenet nitpicking the utility rate every month.
On the other hand, I have personally lived in an apartment that advertised a low rate then nickel and dimed you along the way ($40 W/D fee, $50 trash valet service, ect)
I am curious to know others opinions on how to advertise the apartments price. What is common for small landlords?