How to Market Rental with Utilities Included

[Michael Archard]

Hi BP,

I have a B+ class 2bed/2bath condo that I'm preparing to list for rent. The market rent without utilities is about $2,100 which I have verified with local agents and property managers. The condo is in a midrise building with the $525 HOA covering all utilities (unmetered), amenities (pool, gym, game room, etc), parking, snow removal, security, master insurance. My goal is to get at least $2,300 per month.

I have been told by an agent to price it at $2,300/month with everything included. I have been told by another agent to price it at the market value of $2,100 with a flat rate of $200 for utilities/amenities. I have even been told by a local real estate investor to drop the rent to $1,775 and have the renter cover the full $525 HOA value.

Has anyone had luck with one particular approach? I am leaning towards the $2,300/month option but do not want to miss potential quality applicants that might be using strict price filters while they search. 

 Thanks in advance!