If you rent out your rental property for approx $150 less than other rentals in the area, is that significant enough to say you did not rent it at fair rental price?

[fanfare]

that depends on the ration of 150 to the actual typical rent, don't you think?

you did not say what that was.

[DavidD66]

No necessarily.  It could be aggressive pricing to make sure you have a tenant, or you have an existing long term tenant for whom you have not raised the rent.  There are other factors to consider as well. How much is the average rent? How does your property compare (size, condition)? Is the tenant related to you?  Etc.