However, the best way to get market rents is to call local competitors of multifamily buildings and "secret shop" them as if you were a renter.

It's not the cheapest yet their price were not that much more than their competitors and SIW was a better product.

He then proceeded to tell me that while he appreciated my expertise, he would NEVER borrow from me because my rates were 1/2 point to 1 point higher than competitors.  

I use competitor pricing as guide posts but since I've been operating for several years, I look at historical, year over year data for my own place and raise it a bit.

Make a habit of checking your competitor's listings periodically and when it makes sense for you, make upgrades and listing updates.

If you want to stand out and be eye-catching over all the other competitors your property must be different!

Go on VRBO and check out your competitors bookings.

The other way is called the Enemy Method, where you go to Airbnb and Vrbo, look at your direct competitors, and figure out how full their calendars are, at what prices, keep a tally of their income, and make a guess as to their yearly gross.

Or they are trying to be less expensive than their competitors.

Where are the competitors offering different UI experiences, third-party API integrations, mobile apps, and other innovations?