Most self-managing landlords set rent once, when a tenant first moves in, and then barely touch it again except for a small renewal bump. That leaves money on the table in a rising market and risks a longer vacancy in a falling one.
Look at actual comparable listings, not estimates. Rent estimator tools are a starting point, not an answer. Pull up three to five currently listed units within a mile or two, similar bedroom and bathroom count, similar age and condition, and see what they're actually asking. Adjust for anything meaningfully different: parking, in-unit laundry, square footage.
Check how long those comparable listings have been up. A similar unit that's been listed for six weeks tells you the market is softer than the asking price suggests. A unit that rented in three days tells you the opposite.
Do the vacancy math before you underprice out of fear. A unit priced $50 under market for a year costs you $600. A unit that sits vacant an extra two weeks because it was priced at market costs you roughly the same amount, once, not every year. Chronic underpricing to avoid vacancy is usually the more expensive choice over time.
Revisit it every renewal, not just when a tenant leaves. A below-market long-term tenant is valuable for the stability, but you should know you're choosing that tradeoff on purpose, with the actual numbers in front of you, not by default because nobody checked.