Market rent

Market rent is what a home would likely rent for right now. You find it by comparing similar homes nearby: bedrooms, baths, size, condition, features and when they were listed. It is a moving target, so it changes with the season and with local supply.

Set rent too high and the home sits, which raises your vacancy rate. Set it too low and you give up income every month. A fair price rents faster and keeps good tenants longer. Use market rent to choose a starting price and again to set a new rent at lease renewal.

Be careful with benchmarks. Federal or state averages describe groups of homes, not yours. A real number comes from comparable listings and an inspection of the home. You can request a free rent check for an estimate of what your home could earn, and remember that the final price depends on condition and timing.