Pricing a Rental Fairly

Empty day math

Every empty day has a price. Take one month’s rent and divide it by 30. That’s what each empty day costs. Type your own numbers. Nothing you type leaves this page.

Type your monthly rent to see what one empty day costs.

A whole empty month usually costs more than a slightly lower rent ever would.

Pricing checklist

From the guide’s own checklist. Tick each one as you go. Your ticks stay on this device. These are examples; your home may need others.

• Several truly comparable homes gathered, with what each rent includes
• Recently rented homes compared, not just homes still listed
• Your home walked honestly, strengths and weak spots noted
• What the rent includes decided and written down
• Every required fee listed clearly in the listing
• HUD Fair Market Rents checked as one reference point
• Listing timing considered
• One price and the same terms offered to every applicant
• Interest reviewed after the first week or two
• Any price change made for everyone and on every listing at once
• Record kept of how the price was set and changed

All done. We hope your home finds a great resident at a fair price.

For renters: what to look for

From the guide’s section for renters. Tick each one as you go. Your ticks stay on this device. These are examples; your search may need others.

• Several similar homes nearby compared before deciding what feels fair
• Asked exactly what the rent includes, like utilities, parking or laundry
• Asked about every fee up front, in writing
• Thought about the whole monthly cost of the home, not just the rent
• Asked how rent may change at renewal
• Kept a copy of the listing and any written terms
• Confirmed the home is real before sending any money

All done. And please don’t be shy about asking questions. A fair owner welcomes them.

If a home isn’t renting

1. Take a breath. A home that isn’t renting is telling you something useful.
2. Compare the price again with similar homes that rented recently.
3. Look at your photos and description with fresh eyes. Are they bright, clear and complete?
4. Ask visitors, kindly, what held them back.
5. Then make one fair change at a time, whether that’s the price or an improvement that helps the home stand out.

Ask everyone who toured but didn’t apply one gentle question: “Was there anything that held you back?” Their answers are some of the best pricing advice you’ll ever get.

When it’s time to adjust

• Give a new listing a week or two, then look at the interest: views, inquiries, showings and applications.
• If interest is low, look at the price, the photos and the description before you wait any longer.
• Fresh paint, bright lighting and clean carpet can make a real difference too.
• If you change the price, change it for everyone and update every listing at the same time.
• Write down what you changed and when, so you can see what worked.
• At renewal, if the rent is going to change, give clear written notice with the time the lease and local rules require, explain it plainly and offer a chance to talk.

Keeping a good resident is almost always easier than finding a new one.

Guides that go well with this one

• Listing Photos That Rent
• Rent Increases Explained
• Fair Housing Basics
• Screening Applicants Fairly
• Avoiding Rental Scams

Helpful resources

The guide points to these for details. Rules differ from place to place, so the official pages where your home is are the best guide.

• HUD USER: Fair Market Rents
• HUD: Fair Housing Act overview