Hi Maryellen,

Historically rental rates, like sales prices are determined by what the market will bear at a given time. In order to be competitive, and still generate nice income for your property, you should keep your rates competitive to similar properties in your building or area.

If your property shows exceptionally well and has fabulous interior upgrades, etc. and your potential tenants know that or have seen your pictures (a picture is worth a thousand words), then possibly you can generate a little more rental income each interval for your property.

Owners determine the rental rates for their property. But I strongly suggest that you consult with a rental agent for recommended price ranges.

Good luck. My best from the beach.

When you include the term "legal", as a Real Estate Broker I automatically indicate your question should be answered only by a Maryland Attorney. We are not in a rent-control locale, as you might find in an inter-city tenancy. Landlords determine base rental rates, the market dictates what is achievable and realistic, what a tenant can and will afford. As with any financial decision, shop around and lease only what is within your household budget.