Why Knowing Your Property Is the First Step in Pricing Rentals

Al Gordon explains the importance of conducting a rent survey when evaluating a rental property. He compares it to how prospective tenants shop multiple properties, weighing factors like size, amenities, condition, location, and price before making a decision. Just as renters compare options to find the best value, landlords should actively study competing rentals both online and in person to understand what the market is offering and what price point is realistic. He emphasizes that relying on estimates alone is not enough. Investors need to see firsthand how similar properties are positioned in the market in order to accurately determine rent, maximize competitiveness, and avoid underpricing or overpricing their units.