We have an awful lot of newbie Landlords around here these days so while I check out their ads for ideas, I use my own info to set prices. And I've found that the advertised rent is not necessarily what a place will end up renting for - or more importantly, STAY rented for - because the newbie landlords can't find anyone to pay their high prices for long.
Average rents have doubled or even tripled in the area since 2020, but the average household income for long-term prospects has not.
If I want to stick with "3x the rent" as a baseline income qualifier, then going over $2k a month reduces the number of qualifying folks by about 2/3rds. Size of house doesn't matter when setting a realistic price. In fact the more bedrooms, the fewer qualifying families - because having kids certainly doesn't increase expendable income.
These days, our studios are $900-$975 but they are terrifically tiny. 1-bedrooms in County $1325-$1750 depending on location. 2-bedrooms are $1550-$1995, ditto.
We only have two true 3/2 houses, and I could not find a decent tenant to save my life after months of searching when the rent was set over $2k on the last one. Finally rented at $1875 just to be done with it. It will go up a bit next year.
Here's a place I keep an eye on - www.runhillapartments.com. Luxury, lots of amenities, accepts pets. People like them but even once in, they are always looking for a cheaper place to live because luxury gets old when you really can't afford it.
--173.28.xx.xxx