Knowing what price to set for your Doylestown rental home is critical since it affects your earnings. If you set it too low, while you might not have a problem looking for renters, you can end up with financial losses if it barely covers the costs of running your rental. If you set it too high, it can result in longer vacancy periods, especially if the amenities you offer don’t justify the rate.

In this article, we at Keyrenter Property Management BuxMont will go over some tips to help you accurately price your rental properties!

Competitor Research and Price Comparisons 

Before assigning a rental fee, it serves you well to check out the rental prices set by your competitors. Make sure to do a comparison of units similar to your own. Your comparative study should be based on:


Start by reviewing the other rentals in your own neighborhood. Note that if you wanted to do a comparison using a different neighborhood, the rent rates would likely be off. This is because there are certain reputations and amenities that different neighborhoods carry which affects their rent prices.

Property Type

If you have a single-family Doylestown rental home, it can offer more privacy than a multi-family unit where walls and utilities can be shared. Thus, a higher rental fee can be assigned to the singe-family unit since some tenants are open to paying more for additional privacy. 

living room with two arm chairs and blue velvet couch

Number of Bedrooms and Bathrooms

4-bedroom rental properties have a higher rental rate than a 2-bedroom unit. The more residents a rental space can accommodate, the higher the price you can assign.

Age of Construction

A newer Doylestown rental can attract more interest so landlords can set a higher rate. With newer systems and appliances, the renters wouldn’t need to make property maintenance requests. Being the first renter also means not using furnishing subjected to wear and tear.

Where To Find Comparable Units

So where should you search for reliable sources to help you set the price of your rental? You can consider the following as sources for rent price setting:

  • Meeting Landlords in Person – What makes in-person meetings superior to other sources is you can ask the landlord a lot of questions. From the responses, you can figure out if there’s high demand or if the unit hasn’t garnered a lot of attention.
  • Checking Online Ads – You can also do research online through property listing sites. Units that are still vacant week after week can also have price adjustments, to match the rental demand which helps you identify reasonable and unreasonable rental rates.
  • Consulting a Property Management Company – Reaching out to a property management firm to assist in assigning the accurate rent for your Doylestown rental home is a great strategy. Not only do they offer a free rent analysis, but they also know the going rental rate given the amenities and features your unit provides.

stacks of coins each one taller that the last with little trees on top

Setting the Rental Rate Based on Amenities

Although it can be quicker to just assign a flat rental price for your Doylestown rental home, this can result in losing out on an income opportunity. Assess the features of each of your rental units and work out the rental rate after. 

Here are factors to consider when setting the rental fee:

  • Renovations – With more property updates, you can adjust the rental rate since you’re providing a more habitable living space
  • Views – If your rental space provides magnificent views then the rental price should be higher
  • Size – The more square footage you offer in your Doylestown rental unit then the higher the rent fee you can command
  • Floor level – If your rental place is located on a higher floor, the rental rate can be set higher. The only exception to this is if your building is a walk-up.
  • Extra Spaces – Outdoor spaces like a balcony or patio are one of the top amenities renters desire since it extends the living environment 
  • Parking Area – When your tenants drive to commute to work, a private parking space is an attractive feature to protect their vehicles

The Optimal Rent Rate Results in More Profits

With an accurate rental price, you won’t need to worry about the costs of maintaining your Doylestown rental home. You can hire professional cleaners to straighten out the unit and freely contact vendors to fix any property issues since your earning can cover them.

a bunch of one hundred dollar bills spread out on top of each other

Be aware if your rental profit is small or if you just break even. This can signify that you overinvested in your real estate. Ensure that your rental business has a positive cash flow by doing a proper market analysis.

Scheduled Property Showings for Potential Tenants

Notice if several potential tenants are booking property showings. If you receive substantial requests then it can mean you are assigned an accurate rental fee for your Doylestown rental home.  Always consider the property amenities and features you’re providing and the current economic conditions when setting the rental fee.

Look at the Demand When Assigning the Rent Price

Adjusting the rental price of your Doylestown rental home is expected. Market changes can impact the price. For instance, changing infrastructure encourages more local businesses to open and flourish. This can draw more tourists and residents to the area generating short and long-term rental demand. 

Bottom Line

While challenging, assigning the correct rental price for your Doylestown rental home can be done once you consider the factors listed above. Doing a comparison study and staying constantly updated with the economic news and developments in your area can help you tremendously. 

Are you seeking a reliable property manager to oversee your Doylestown rental home? If yes, contact Keyrenter BuxMont today! They offer a full suite of property management services that benefits plenty of real estate owners.