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While you normally want to be renting a condo unit at a comparable price, there are times when you want to consider pricing on the extreme end of the scale. Lower prices are used to help under-cut the competition. This is a good tactic if you have a large rental with less amenities and lower costs than others do in the neighborhood. Prices that fall on the high end are great for giving potential tenants the feeling of luxury and prestige. However, you want to be careful here -- if you charge for luxury, it needs to have something that makes it luxurious. This could include added amenities, a great view, or a prime location.

Once you have set the price, the amount should be reevaluated on a yearly basis using the same exact measure. When renting a condo unit, the property manager might want to make a record of what the surrounding rentals are charging and how he or she arrived at that price and use it to explain the new price. This eliminates a lot of concern for the tenants and helps to build a level of trust that leads to a successful real estate investment.

A Ripple Bay Condo is a great place to live.