Help! Seeking Advice on Determining Monthly Rental Rate for SFH Lease

[Jeffrey Hayes]

Hi everyone,
I’m a realtor who is trying to rent out a single-family home on a 12-month lease. I am currently living out of state so I have hired a property management company to handle this task, however, my home is still sitting vacant with very few prospective tenants. It has been on the rental market for about 55 days and the average in the area is supposedly 36. I've only had one person look at my home.  I feel as though my home is priced too high, however, my property manager insists the price is competitive.  I'm not sure I have full confidence in this property management company. I have rented out this home short term before and have been successful but I don't have any experience with 12 month leases.  The home is in a very desirable area. I’m having trouble determining the correct monthly rental rate for my property. What are the best sources or methods you use to accurately set rental rates in your area? Any tips or tools for evaluating the local market would be greatly appreciated. Thanks in advance!  Regards, Jeff

[Josh Young]

@Jeffrey Hayes

If you post a link to the listing (usually Zillow) and/or the address then we will be able to help you. As you know, marketing and price are both very important, and vacancy will significantly impact your income, so you are almost always better off charging a lower price and getting it filled with a good tenant.