How are rentals priced? Who sets the monthly rental rate?
Ultimately, the Landlord does not set the price of rental housing; the market conditions set the price of rental housing.
Typically, the Landlord checks the internet advertising to see what other properties are renting for and notes comparable rentals. The list of all comparable properties is made itemizing each property’s location, the rent amount advertised, the number of bedrooms, baths, garages and any other significant property features such as deck and sprinkler system, etc. Theoretically, a range of rental prices is formulated from this list and the rental rate is created from somewhere in this range.