How do you price your rental?

[Nick D.]

I have just begun my journey in rentals and am looking for rental listing advise, I appreciate your time!

I recently bought a distressed SF in an up and coming area. I have completed a complete remodel and I am now on the second “R” Rent. I have my property listed thru Zillow and their partner sites. I listed a coming soon with 3 low quality (phone) photos 3 weeks ago. I kept that up for two weeks before pulling it down for 3 days and getting professional photos. I now have it re listed with professional photos for a week. I received a ton of interest with 4-5 applications 10 or so contacts and 3 showings. (None came thru to a signed lease)

Reason for my thoughts of starting at $2,200:

-Everything is brand new and follow current trends.

-great split floor plan with two masters (done with rehab)

-House is walking distance to a very upcoming downtown area, and great employment/industry

-two neighboring houses are rented at 1,800-1,900 but are in much worse condition.

My question is how long do you hold a price before decreasing? Do I drop it now just before the month roll or keep holding strong? The property will cash flow nicely even at 1,800 but I want to optimize returns.