Start with a rent range, not a single number
Use comps within 0.75–1.25x your square footage and similar parking/laundry to set a range. Aim for a 6–8% spread between low and high.
How much rent can I charge?
Build a rent range with comps, then tighten it with response rate and condition. The goal is fast leasing at a profitable number, not the highest guess.
Comp-basedResponse-drivenSmall price tests
5-step pricing flow
Follow this sequence and let inquiries guide whether to raise or tighten price.
Adjust for condition and convenience
Updated kitchens/baths, in-unit laundry, and parking push rent faster than cosmetics. If two of three are missing, stay in the lower half of the range.
Watch response rate in the first 7 days
Under 5 quality inquiries in week one means tighten price or fix photos/listing copy. Over 12 inquiries can justify a small bump or faster approval criteria.
Test small moves
Change price in 1–2% increments and refresh photos/copy at the same time. Big swings create suspicion and stale listings.
Align renewals 60–90 days early
Offer renewal terms earlier than you think. If rent is below market, move halfway now and finish the gap next renewal to avoid churn.
Key metrics to watch
Response data shows whether price or listing quality is the issue.
Inquiry-to-show rate
35–50%
If lower, fix photos, add floor plan, or tighten price.
Show-to-application rate
25–40%
Pre-screen well. If low, your criteria or price may be misaligned.
Days from notice to list
≤3 days
Listing within 72 hours keeps momentum and search rank.
Expense ratio after vacancy
45–55%
If expenses regularly exceed this, revisit rent + upgrade plan.
If inquiries are slow
- Refresh the hero photo, add a floor plan, and rewrite the first 2 lines of the listing.
- Tighten the price 1–2% and update within the listing, not just the title.
- Adjust showing cadence: 2–3 grouped windows each week beats one-off showings.
- Verify screening criteria match the neighborhood norms; misalignment slows approvals.
Last Updated: January 2025
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