Knowing how much to rent a unit is extremely important. If you ask for too little, the owner isn't getting the best deal; if you ask for too much, good luck finding a tenant. There are some ways to ensure you are getting the best deal for your rent schedule.

First you need to scope out the competition. Go online, Craigslist is usually a great place to check, and see what units are going for in the same area. If another unit is newly updated and yours is 3o years old, you can't expect to get the same rate. However, you might be able to get the same rate (or more) if your unit is more “special” than the newer unit. For instance, your unit is in walking distance to recreational areas, shopping, places of worship and schools. Or what if your unit has on-site recreational facilities? What is your building is beautiful or in a slightly better part of town?

No two units are idential – unless they are in the same apartment building and are identical. It's important to assess each unit individually when deciding on the rent schedule. Researching the competition will only guide you when deciding on the rent, factoring in details that make your unit “special” will allow you to get the most money for your unit.

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