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Am I overpaying for rent? And what can I do? Not signed anything yet, but love the house?

I am about to sign a lease in a few days at 2x's the amount that I I see on Zillows. Example its worth 186,000 and I see that the payment is $700+. But I am about to sign a lease for $1450, can anyone help please.
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May 31 2010 - Lexington
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Answers (2)

Only you can determine if the property is worth the $1450 payment to you- the property condition, amenities, location, view, schools- are all factors that can affect the asking price. If the owner purchased the property in the last few years (couldn't sell in this market and chose to lease), his mortgage payment may be higher than his neighbor thus affecting the lease payment of $1450. Supply and demand could be another factor -are there many similar units available for lease in your area? Have you checked your local newspaper for rental listings in the area to determine average payment? You may try negotiating down the rent if there are a lot of competing properties. As a landlord, I'd rather have a good paying tenant at a reduced rate than a higher rent on a vacant property. Best wishes!
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June 02 2010
I've always factored rent at pretty close to 1% of market value, or in my area it runs around $1 per square foot.  Your area could be different, but I would not necessarily take what you see advertised as market rent--there are many distressed properties being offered at below-market rents by unscrupulous landlords.

My rule of thumb:  check at least three sources to determine what "market rent" is in a given area--neighborhood can vary dramatically, even in a one-mile radious, due to the desireability of the neighborhood (schools at proximity, for instance).
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June 01 2010
 
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Am I overpaying for rent? And what can I do? Not signed anything yet, but love the house?
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June 02 2010 | 2 answers
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