<p><img alt="trend chart showing an increase in rentals" src="/images/blog/2022%20Rental%20Trends.png" style="width: 100%;" /></p>
<p><span>2022 is set to be another precedent-breaking year for housing, and that includes rental rates too. After the complex rental relationships created during the pandemic, many landlords and owners are coming off of rent-freezes and eviction moratoriums with a new perspective. Oftentimes, that new perspective deals with charging a fair rent for the risk and responsibility associated with owning a rental property. </span></p>
<p><span>For most landlords that also means determining a fair-yet-competitive rental rate for their market. Easy to describe, setting the right rate can take a little research in practice. Here is what you need to know about market rent rates in 2022. </span></p>
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<strong>Check Current Real Estate Prices</strong><br />
The price of your current rental will be based somewhat on the price of area home and condo purchase prices. By somewhat, we mean that while purchase price and rental price are correlated, these are not always directly matched and can move at different paces. If a sudden housing surge skyrockets home sale prices, rental prices will likely not match at such a rapid pace, especially if there are <a href="https://tenantsunion.org/rights/rule-changes-rent-increases#:~:text=Because%20rent%20control%20is%20illegal,or%20retaliate%20against%20the%20tenant.">laws regulating rental increases</a> in your area.</p>
<p>Instead, use real estate's sale prices over a period of time (such as 3-6 months) to help price your rental. Check your local MLS listings and <a href="https://learn.roofstock.com/blog/rental-comps">average the monthly rates</a> on a number of comparable properties. Use this rate to determine your own market rent.</p>
<p><br />
<strong>Copy, Copy, and Share</strong><br />
When other landlords post rental rates and deposits -- it isn't copyrighted information. You can absolutely imitate the cost and procedures of successful owners in your area as long as you don't try to copy their lease and advertise word-for-word.</p>
<p>Review property listings through your local app or Craig's List and assemble a number of properties that match yours. Don't stop your comparison at simple beds and square footage, but also remember to compare similar onsite amenities, location, and walk scores as well.</p>
<p><br />
<strong>Use a Professional Rent Rate Tool</strong><br />
If you don't feel comfortable making your own assessment, consider using a professional rent calculation tool. There are many free options on the market, but a better-known company that provides this service may be <a href="https://www.rentspree.com/rent-estimate/">RentSpree</a>.</p>
<p>Tools such as these allow you to type in your address and get a listing of comparable rents in the area. These services generally allow you to sort through results to find those that best match your property, but it's important to remember that each rental estimate is based on proprietary algorithms -- so you may want to check with more than one for a bigger picture.</p>
<p><br />
<strong>Connect with your Local Landlord or Realtors Association</strong><br />
While researching on a computer is an excellent way to find data, sometimes a direct conversation is even more helpful. After all, just because another landlord is advertising rentals at a certain price, doesn't mean that renters are actually applying at this price.</p>
<p>Connect with your local professional industry organization such as those geared towards landlords or realtors and ask your fellow professionals about their current market rental rates. While these persons may at first seem like your direct competition, you'll likely find that there are many renters to go around and you may even get some referrals from those who don't currently have availability.</p>
<p><br />
<strong> Check with your Current Tenants</strong><br />
If you have a good relationship with your current tenants, another way to find a fair market rent rate is to ask them what they'd be willing to pay to meet rising costs all-around. In a smaller unit, you may casually ask about rental rates in conversation, or for a larger set of rental, an email survey might be of use.</p>
<p>The renters who know what you offer best will be the ones who live in your building. While it's possible you'll get a few people who won't be helpful, most fair landlords will find a fair response from happy tenants.</p>
<p>Setting the right market rent rate matters. Use the tools available to you to research both home sales and rentals to compare your offerings to other hot properties. Connect with industry professionals to help refine these numbers and add to your referral lists when matching renters to new properties. Check with your current tenants to understand fair services for value and then get ready to advertise.</p>
<p><em>This was a featured article written by our partner RentSpree. To check out more of thier services, please visit their site <a href="http://rentspree.com/rent-estimate">here</a>. </em></p>