Belong Co-Founders

Staff Writer, Stacker

Journalist, Stacker

How much rent should you charge? This guide has all of the rental pricing factors to keep in mind for setting the perfect rent price for your rental property.

12 Rental Pricing Factors 2022: How to Price Your Rental Property

Perhaps you’re a participant in the Great Resignation and are looking to rent your current house as you relocate to a new area. Or maybe you recently decided to acquire a rental property. Regardless of how a home recently came into your possession, you’re wise to be putting it up for rent, as earning passive income from rising rental costs means you’ll have more money in your pocket to spend or reinvest.

But, with acquiring a new property comes the challenge of knowing how to price it. You’ll want to be earning enough to make a decent profit after your monthly expenses, but don’t want to price yourself out of the local real estate rental market. 

In this guide, we’ll give you all of the rental pricing factors to keep in mind for setting the perfect rent price for your rental property.

While hyper-specific variables pertaining to the neighborhood and property at hand will most directly impact your property rent rate, here are the common factors that impact how much residents will pay for renting your property:  

The famous real estate expression goes, “location, location, location,” for a reason! The state, county, township, neighborhood, and even street of your rental property must be considered when deciding on the appropriate rental price. Do some digging on the Internet to look for common trends in your neighborhood and surrounding area. To get you started, we’ve put together some local pricing guides for Seattle, Miami and the Bay Area. 

What do other local rentals look like? How does your property compare? If your property is pretty standard compared to others, you can anticipate charging around the average price for rent. If it’s much nicer, consider charging more than the average rent price.

While you don’t want to price gouge your residents, you’re in the real estate business to make money. Consider your monthly mortgage payments, utilities expenses, HOA fees, and other set expenses to determine how much you’ll need to charge a month in rent to make your property a profitable expenditure. 

Pro Tip: Work with Belong for a look into average monthly utilities expenses and other localized rental data collected from years of managing properties in your neighborhood. 

3. Square footage of home (and # of bedrooms & bathrooms)

How much total space is there? How many bedrooms are there? Bathrooms? These numbers have a direct impact on the amount you can get a month for rent, so you’ll need to tally up these numbers and compare rent prices of local rentals with similar square footage and number of bedrooms and bathrooms. 

Is the property you’re listing brand new construction or is it aged? The answer to these questions will have a major impact on demand and how much people are willing to pay. If it was built recently, be sure to compare rents with other new construction listings. If you notice other rentals appear older than yours, keep in mind that you can probably justify charging more. Working with an appraiser is your best bet for getting an accurate representation about the quality / age of your rental property. 

Pro Tip: Does your rental property look and feel old? Consider putting effort into a facelift and maintenance work now so that you can justify higher rent prices for years to come. Maintenance workers are full-time employees at Belong, meaning if you work with us as your property management team, you can get issues around your rental property addressed 24 / 7, 365. 

Parents obviously want what’s best for their children. That means they want to rent a home in an area known for having a high-quality school system. Put time into researching variables like local standardized test schools, classroom sizes, state rankings etc. via online platforms like Niche and Public School Review to determine how much of an impact local school districts will have on rental pricing. 

Read on for more details on How Your Property’s School District Affects Rental Prices.

6. Are appliances antiquated or modern? 

If you’re willing to splurge on modern appliances, you can leverage them as a justifiable reason to charge more for rent. Most people would much rather have a laundry room at home than have to take their dirty laundry to a laundromat. They’d also like to have a modern oven and stove top in their kitchen. By splurging on new appliances, it will drum up demand as a major selling point and garner you more in monthly rent prices.

Are you not interested in upgrading antiquated appliances? Keep in mind that you might not be able to yield the same rent prices as properties nearby with modern appliances. 

7. Who’s paying for the monthly utilities?

Are you covering the water and electric bills, or passing that cost onto the residents? Determining who’s paying for what will make it easier to dictate what the total cost for monthly rent will look like. 

Common utility costs include electric, water, gas, trash / recycling, Internet and heating / cooling. Decide which you'll be paying for out of pocket vs. passing on to the resident to pay. 

If a renter considers their pet a part of the family, they’re willing to pay more to secure a place to live for their fur baby. Give consideration to whether or not you’re willing to allow pets in your rental property, and be sure to charge them a monthly fee for having a cat, dog, or other animal,  as damage from pets can be a costly issue to fix for a landlord.

If you decide not to allow pets or the community in which you own doesn’t allow it, you won’t be able to charge as much for rent and will ostracize a large pool of potential residents (as 70% of American households report having at least one pet.)

Read More: 6 Paws-itively Compelling Reasons To Consider Renting To Pet Owners

Besides the square footage of the interior of the house, Americans are obsessed with their lawns. That being said, open yard space for your residents to hangout, soak up the sun, and let their kids and dogs run around will definitely justify a higher rent rate. Will you also be covering lawn maintenance as a utility? Be sure to factor that into your rent price too!

The summer months are a hot time to move (...pun intended,) with recent highschool and college grads venturing into new places to pursue an education or new career and parents of young children moving while public schools are not in session. 

If you’re able to list your rental in the summer when demand is up, you can lock-in a higher year lease than in slower times of year like the winter.

Why is Summer the Best Time to List a Property for Rent? Read on to find out. 

Where is the world economy at? Is the real estate market booming or slowing down? Is the unemployment rate low in the neighborhood at hand? Considering the status of the economy at a macro and micro level will help in determining what people in your area can afford to pay in rent.

Pro Tip: As the summer months cool down and economic indicators suggest we could be entering a recession by 2023, you may want to consider getting your property listed sooner than later to lock in top rental prices. 

Does your property have a pool? Does the HOA offer a community clubhouse? Are there great restaurants and things to do in walking distance? These are all topics that are top of mind for renters looking for an ideal place to live, and they absolutely factor into how much you can justify charging for rent. While timing the market is easier said than done, pay attention to economic forecasts when deciding on the right amount to charge for rent. 

How can Belong assist in setting rental prices? 

When working with an expert to get your property rented, you have the benefit of years of experience and data on the neighborhood at hand to make educated decisions. Rather than spending your precious time researching factors like average local rental prices, nearby school districts, the condition of the property etc., let historical and quantifiable rental data set the tone for the appropriate rental price for your property.

Once a rental price is settled, Belong data and team members will work to get you the best residents possible for your property. Once they’re all settled in, another perk is guaranteed rent, meaning you’ll never have to worry about not receiving your passive income, even if a resident doesn’t pay on time. Onboard with Belong today to get your property rented soon and for a reasonable rate!

Find out why summer is the best time to get your rental property listed and how to attract the best possible tenants for your home on the rental market.

4 Reasons Summer is the Best Time to List Your Rental Property

As the school year concludes, high school and college graduates as well as families with children entering summer vacation are poised to move during their wide open summer months. 

With increased demand and a limited supply of housing, you’ve got the chance to make even more in rental income, even with the unprecedented rates we’ve seen in the past few years. 

Follow along for more details about why summer is prime time for you to get your rental property listed, and some details about attracting the best possible residents for your home! 

Why enter the rental home market in the summer?

If you’re thinking of listing a property on the rental market, don’t wait! Here are the reasons that summer is the best time to list your rental property:

1. Higher moving rates (and rental demand) than the rest of the year

As schools shut down for the summer season, moving rates skyrocket. Here are a few of the reasons that people move in droves in the summer months:

High school graduates: as high schoolers move on to adulthood, data suggests that many of them make the move to a new community in the summer months. In many instances, they’re finding a place to rent near their new college. In others, they’re seeking a job in a new place away from home.



College graduates: with their college years behind them, recent graduates are moving on to new opportunities for work. This age group is particularly open to rent with limited funds and a need for a place to live near their new job. 



Families with children: parents are hesitant to move to a new place while their children are finishing up school. Now that the school year is behind them, many families are making the switch before the new year rolls around. 



People are seeking adventure and to try new things: summer is the season notorious for traveling and getting new experiences under your belt. As a result, it makes for a prime season for those seeking a change in their lives to move somewhere new.

With many reasons for people to move during the summer, demand for rentals increases substantially nationwide. That makes it the best time to find tenants as you’ll likely have more applicants than any other time of the year!

2. Higher rent prices in the summer months

As the world of renting returns to seasonality after years of sky-high pricing, you can get a premium for your property by listing it in the summer months. As explained above, the increased demand makes the limited supply a harder challenge for renters to overcome in the summer months. Lower vacancy rates nationally in recent memory will make the rent prices even higher this summer.

3. Let passive income pay for your summer adventures

‘Rich Dad Poor Dad’ author Robert Kiyosaki summed it up best when he said, “You can only be financially free when your passive income exceeds your expenses.” Everyone likes to travel and have fun experiences in the summer months, but that doesn’t mean you should deplete your hard earned money. Rather than taking money out of your bank account, moving residents into your rental property will give you the passive income to pay for your summer fun. 

Explore the guide to Earning Passive Income on a Rental Property for more tips on how to make your rental property a truly passive investment.

4. Recent trends indicate that you should get your property rented sooner than later

As signals of an economic downturn continue, recent trends in costs of goods and in communications from the US Treasury and World Bank indicate that you should act soon and fill your home in the summer of 2022 because there are many signals that the United States (and the rest of the world) may be entering an economic decline by 2023. For rental property owners, this means two things:

You’ll want to get a year lease locked in before the economy declines so that you have guaranteed rental income locked in regardless of the status of the economy. For truly guaranteed rent, work with Belong, as we 100% guarantee that you receive your rent, whether the resident pays or not 



As economic hardship unfolds, it will become more difficult to sell a house but easier to rent it out. Even if real estate prices crash in the short term, holding for the long term has proven to be an effective method for seeing property rates rise. Hold on to your asset as long as possible by renting it out!

You might be wondering, How Will Rising Interest Rates Affect Landlords? Explore our guide to find out. 

How to find great residents for your rental property

By choosing to rent your property in the summer months, you should have a wide array of residents applying to rent out your home. Here’s some tips for choosing the right residents for your rental home:

1. Organize, declutter, and clean your property before hosting open houses

You want your rental property to look as nice as possible to entice renters to choose your property to be their new home. If your property is already fully furnished, make sure it’s as cleanly and organized as possible before showing it to potential residents. If it’s not furnished, consider staging it to give potential residents a clear picture of what your home will look like with furniture, home supplies, and artwork. 

Looking to stage your rental? Here’s some helpful guides for Staging a Rental Home to Make the Rooms Feel Huge and the Best Home Improvements for Increasing Your ROI. 

2. Advertise your rental listing accordingly 

To get your home rented quickly, you’ll need to use the right forms of advertising it to get the property in front of potential renters. Consider making postings to relevant online channels like Zillow, Craigslist, etc., or work with a realtor to track down and vet potential tenants. 

If you don’t have the time or expertise to advertise your rental property effectively, work with Belong. We’ve got years of experience finding residents for rental properties, with it taking an average of just 19 days to lock in someone that will love your home. 

3. Have maintenance partners lined up and on call

In order to have a positive relationship with new tenants, you’ll want to make sure you have your bases covered if an issue arises with your property. Be sure to find partners like handymen, electricians, etc. in the neighborhood to ensure any issues that arise can be addressed and fixed quickly. 

Belong has an extensive network of over 10,000 vetted professionals on call all day everyday, meaning you can work with our maintenance team to ensure that your home remains in perfect shape and your residents are happy as can be with the condition of their rental. A quick fix to any issue is just a quick call or text away. 

If you’re concerned about finding tenants that are high quality and getting your home rented quickly, choosing a partner like Belong is the smartest way to go! Belong has years of experience using data to choose the right residents for rental properties, making it easier to dictate which resident is the right choice for your home. 

Belong for homeowners also has full time maintenance partners, meaning that if an issue arises at any time, you and your tenants can get an issue fixed quickly 24/7, 365. 

The best time of year to list a rental property 

Clearly, higher demand paired with increased rent prices makes summertime the best time to rent out your house. Whether you’re renting to a high school or college grad, a family with children, or anyone seeking a place to live in the booming summer months, listing your rental property NOW is a sure way to get higher rent prices and to pay for your summer adventuring. 

Belong is simplifying the rental experience and helping more homeowners reach their financial goals through real estate. Visit our homeowner's page to find out more about how our services are helping people to ditch property management in Seattle, San Francisco, San Diego, Los Angeles, Jacksonville, Miami and many more.

Harrison Kelly

Harrison Kelly specializes in entrepreneurship, finance, and real estate writing. When he's not writing, he is actively pursuing real estate investment opportunities.

Lucas Hanft

Ale, Owen & Tyler Founders

Belong

Dom Difurio

Lauren Slagter

Lucas Hanft

Ale, Owen & Tyler Founders

Belong

Dom Difurio

Lauren Slagter