5. Do your research before setting the rent.
Unless you are renting out government-subsidized properties, there are no laws stating what the maximum or minimum you can charge for rent. Instead, that amount should be driven by the market. You can use websites such as Craigslist or Rentometer.com to gauge the price of rental units in your area. Or you can consult with a realtor who has access to the Multiple Listing Service, which will help you set a competitive price for your property.
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