Pricing a rental isn't about the zip code average or a website estimate. It's about what renters will pay for your home right now. Here's the method.
1. Start with real comps
Find three to six homes that actually leased recently, not homes still sitting on the market. They should be close by, similar in size and type, and in similar condition. In Baltimore City, "close" can mean the same few blocks.
2. Adjust honestly
Adjust for the things renters pay for: an updated kitchen and bath, central air, in-unit laundry, parking, outdoor space, a finished basement, pets allowed. Adjust down for things they avoid, like a busy road, no air conditioning or a dated kitchen.
3. Factor in the season
Demand around Baltimore usually peaks from late spring through summer and slows in the winter holidays. A listing in late November may need a sharper price, or a lease term that moves the next end date into summer.
4. Watch the first 14 days
Showing activity tells you if the price is wrong. Lots of inquiries but few applications usually means a condition or presentation problem. Few inquiries means the price is too high. Adjust early. A small cut in week two costs far less than a vacant month.
5. Renewals are pricing too
A good tenant at slightly below market often beats a turnover at market. Once you count vacancy and turn costs, the "raise" can lose money. We send you both numbers at renewal and you decide.
Want a price for your property? Request a rental analysis.