All Forum Posts by: Chuck Hattemer

Hi @Aaron Nelson,

For our clients in Seattle, we have a pretty solid formula down. It involves using sites such as mapliv.com that aggregate all the other rental listing sites and finding comparable properties in # of bedrooms, square footage, location, and quality (granite countertops, stainless steel appliances, etc.) One iportant thing to keep in mind is that the flashy amenities or upgrades you put into a property are not likely to add THAT much extra to the rent rate since prospective tenants nowadays just use filters when searching and rarely filter based on amenities.

As others have mentioned here, there is not an exact science to it but what we've found to work for over 700 properties is that we start at the optimistic end of a range based on comps and then our system tracks number of views on the listings, number of inquiries, showing signups, and applicants. If, after 2-3 days of listing, there are very few views and inquiries on a listing, then we will drop the rate by a very small percentage. If there are lots of views, inquiries, and showing signups but no applicants, then that usually means that people's expectations are not being met when they show up at the home so therefore it might be wise to upgrade something in the property or drop the price to a more reasonable level to match the quality of the property.

In Seattle, rents are skyrocketing so I think with the right marketing plan, you're going to have success listing at the optimistic high-end of your range.

Best of luck!