Obviously talking for now non rent control jurisdictions or any new laws coming, but algorithms? I thought everyone uses Craigslist (or Rentometer) to guide them in the dark???
Our technique:
- check the key sites - craigslist, rentometer, hotpad, zillow, etc to check out the competition
- Find a couple of large apartment complexes nearby and check their prices by calling
- Consider what our unit brings to the table vs the competition
- Decide how quickly we want to move the unit
- List at the higher end of the range the above data makes us conclude price should be at
- Be prepared to offer incentives or drop prices if units don’t rent in a set time period
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I check Craigslist daily…I look for prices and numbers of units available…Hardly any units available in Tahoe…means rents will keep going up… 20 units currently
https://reno.craigslist.org/search/apa?query=.+south+lake+tahoe&excats=&userid=&search_distance=&postal=&min_price=&max_price=&min_bedrooms=&max_bedrooms=&min_bathrooms=&max_bathrooms=&minSqft=&maxSqft=&availabilityMode=0&sale_date=all+dates
One other thing we do is try to avoid tenant turnover in the winter. So we never raise rents in winter. Market always moves faster and is hotter in the summer and you can get a higher rent then. So we tend to roll out rent increases in late spring / early summer
That’s quite smart and comprehensive!
Perhaps same thing really, but I also think about the school term cycles (begin and end) since I have rented to college students before.
Yah. kudos to wifey. She came up with the technique and we have been following it successfully.