Need Help Setting Rent Price

[Nicholas DeGaetani]

So I just missed the window to rent to the majority of local university renters, and have reduced rent to what looks to be a competitive price.

My 2 questions are:

What are you top tips and tricks to market to college students or young working professionals entering the market for a rental in a great location?

What top renovations or improvements should I target that won't break the bank (e.g. smart home, thermostat, stainless steel appliances, etc.)?

[Patricia Steiner]

There are no "tricks..." If you want to be a successful real estate investor, you have to think like a business person.  The first step is to learn what the market rent and demand is for a property similar to yours in location and amenities; then look at the next price point and determine what makes that rent higher.  If it's location, it is what it is and no appliance will change that. I see a lot of investors over-improve for a market and they never recoup that expense. And, there is no lost window of time even for college students as that housing can be marketed in many different ways to keep cash flowing and your property occupied. Again, no tips and tricks...it's about knowing your market extremely well and applying that knowledge to get the highest ROI.