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Setting rent a major challenge in today’s market

Part 2: Accidental landlords

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Editor's note: In part two of a three-part series on "accidental landlords," Inman News looks at the most challenging decision involved in marketing a rental -- establishing the asking rent. The "ghost market" for homes and condos complicates the process. Part 1 looked at the factors to consider before pulling a for sale property off the market to rent, and whether to hire a property management company to handle the details. Whether it's the property owner, a Realtor or a property management company calling the shots, the most crucial decision in marketing a rental property could be determining the rent. No matter how many people see a rental listing -- and no matter how well that listing shows off a property's best features -- all other things being equal, renters are likely to look at the property with the most attractive price first. The biggest mistake accidental landlords often make is to base the asking rent on their mortgage payment and other expenses assoc...