Townhome vs. Luxury Apartment - Rental Price?

[Mario Russo]

Hello, 

My wife and I live in a 3 Bed, 2.5 bath townhome in west Minneapolis. We are a part of an HOA community with about 100 other townhomes in our area. Over the last year a brand new luxury apartment complex was built right in our back yard. Not literally, but pretty close - about 50 yards away. It is beautiful, white trim, granite countertops, stainless steel appliances, the whole 9 yards with lots of great amenities as well (gym, outdoor pool, 24 hour concierge service, etc...).

Our townhome has about 500 square feet more than the average 3 Bed at the apartment complex, however it's not quite as updated and modern as the new units in the apartment complex. We do, however, have our own entrance with a two car garage. 

My question is.. when we are ready to rent, what would be your advice on how to price our townhome compared to the luxury apartments across the street? Higher? Lower? Rents at the apartment complex range from $2,300 to $3,300 for a TWO Bedroom and roughly $3800 for a THREE bedroom. 

What makes sense? Curious to hear your thoughts, thanks!