Quote:
Originally Posted by Alpine
Seems like it. I thought asking 2100 was fair or market rate as my unit is smaller (700sqft) and it’s an older house and those with brand new homes and larger basements/nicer features like radiant heating and taller ceilings were asking 2300-2500.
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Pricing research for landlords is usually flawed.
Most landlords will look at comparables on marketplace, maybe look at 10-20 listings and then put their price somewhere they think is fair based on what they saw.
Because our supply demand ratio is so out of wack, that strategy always leads landlords to under price their rental. Just take your example, you had over 100 applicants, but the supply at $2300-2500 may only be like 20-30 units. Where are the other 80 people supposed to live?
I hate doing this because I believe housing is an essential thing, and "overpricing" the unit may seem predatory, but I'm not sure if it is.
It's so disheartening reading all of the applicants situations and then having to choose one that suits my needs. Renting out units is actually really depressing for me, especially when you do open houses and literally everyone wants the unit and you have to pick. people literally trying to bribe you to get the unit. It's horrible. Housing is a basic human right and so many label landlords as these greedy unfair people, which many are not.