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Setting the right rent can be one of the most difficult areas for many people who are investing in rental property.  If your property rents out in no time, it could be an indication that you are not charging enough rent.  On the other hand, if your property seems to take a long time to rent out, it could be a clear indication that your rent is too high.  So, how do you go about setting a rental rate that is in line with the current market?

One of the best places to start is the local newspaper.  It is imperative that you do some research to find out what rent prices are driving the local market. Location is the most important factor in determining rental rates. For example, a three bedroom, one bath home in one part of town may rent for $1,100 a month while a similar property on the opposite side of town may only be able to draw $900 per month.

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The ultimate goal of investing in rental property is to turn a profit.  To ensure that you achieve that goal it is essential that you follow several critical guidelines.

First, always make sure that you check tenant references.  This can be a burdensome step and many landlords overlook it because they feel as though they have good instinct when they meet with the tenant.  But not checking references can lead to a number of problems later on.  You will uncover a wealth of information about potential problems before you rent to a prospective tenant.

Second, make sure you have everything in writing.  This is to protect your rights as a landlord as well as the rights of your tenants.  Everything from the code of conduct you expect your tenants to abide by while renting your property to the rental application itself must be in writing.

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