There are many things to consider when you place a home on the rental market. One of those things is where you plan to set the rental rate at. While this won't be the only thing that potential renters will look at, it will be one of the major factors. If you're charging too much for the property or above what others in your area are charging, they'll move on. They'll be looking for the best deal that they can find to help save money here and there.
You may consider, as a way to pull in better applicants and find that fantastic tenant you've been dreaming of, marking the price just a little below the market. This doesn't mean put it far below or you'll lose money and many potentially interested renters may think that a scam is being run. Put it just below the other rentals in your area so that it will catch more eyes and hopefully draw in more interested applicants. To do this correctly, you'll need to make sure to do your research as the what other rentals in your area are going for.
Once you've found that good tenant, you'll want to keep them as long as you can. Rent is a constant factor on if a person stays, if they go, and if they're happy where they're at. They might love their home, but if you decide to hike the price at the end of their lease, they might be forced to go. If you do find that tenant that you're pleased to have, consider this when deciding if/how much you're planning to raise the rent. It may just help keep them in the property another year.
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