When I got started with my first rental property, a friend gave me some advice. He said, figure out what the market rate is, then charge $50/month less. There will be high demand for your property. You'll never go a month without a renter and you will have the pick of the litter. Your renters will all be high quality because you can afford to be picky. And it will only "cost you" $50 month. It will save you $1000s because your tenants will value the great situation they have. They won't abuse your property. You won't have to advertise for new tenants. You won't have to litigate an eviction.

There are people who can do what I can do who get paid $250,000/year. There are people who can do what I can do who can't find a job because they are holding out for $250,000/year. I'm ok making $50/month less and getting the pick of the litter.

This is called capitalism. I'm a big fan.