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One who sincerely recites it and understands its meaning, he receives faith that Lord Rama protects his mind and prepares it to know the Ultimate Truth.
It is said that Lord Shiva came into saint Budha Kaushika's dream and sung these 38 stanzas.
Special public recitation of the stotra is organized during religious festivals, especially during Navaratries. It is from Gudi Padwa till Rama Navami day, the birthday of Lord Rama.
In Hindu astrology chanting of the stotra is recommended as a remedial measure for "enmity, losses, hurdles.
Say Jay Shree Ram!