If you’re a landlord, you understand the challenge of setting the rent price for your rental property.
Sure, you want to cover all your expenses, from the property’s mortgage to repairs. And you want to end up with a positive cash flow, money to cover your time and generate profit on your investment. But the problem remains: if you price rent too low, you lose out on revenue. If you price rent too high, your rental may sit vacant for weeks or months.
You might feel tempted to maximize your cash flow by boosting the rent price, but that strategy can backfire. A sky-high rent amount could alienate prospective tenants—especially if it doesn’t fit the neighborhood or the property—which can lead to vacancies. If your property sits empty for even a month, your profits will dwindle. Vacancy is the number one reason landlords lose money on rentals, so make sure your rental is priced competitively.
How to set the right rent price?
Do your research. Talk to fellow landlords and study comparable rental properties—places with the same number of bedrooms, bathrooms, square footage, and similar conditions to your rental.
We know it takes time to do the research, so we’ve made it simple for you to access local data in an easy-to-read report. A Cozy Rent Estimate will help you calculate your rent price with total confidence.
For $19.99, a Rent Estimate does the work for you. In minutes, you’ll get a recommended rent estimate for your rental property based on comparable rentals in the area, along with a confidence score for that estimate. Consider it your rent calculator.
With a Rent Estimate report, you’ll know exactly how much you can charge for rent.
After getting their calculated Rent Estimate, some Cozy landlords discovered their rent amounts were under market rate by several hundred dollars, so they adjusted rents accordingly. Even landlords who found they’re charging the right rent amount learned about their rental markets with a Rent Estimate report.
More than just a rent estimate
Because we believe landlords should make decisions based on reliable data, each Rent Estimate report includes more than just an estimated rent price. Your report includes valuable info, including:
- Accurate rent amounts of comparable rentals in the area
- Area vacancy rates
- Recent and historical county rent trends
- Other vital investor metrics
Whether you’re a landlord, property manager, or potential home buyer, this info will help you make informed decisions about pricing and marketing your rental, or evaluate future investment properties.
If you’re looking for more guidance, check out this video of our webinar about setting the right rent price.
Get your Rent Estimate
It’s easy to get your unique Rent Estimate report. Get started here.
We hope Cozy Rent Estimates will help you become a more informed and efficient landlord!