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How do I determine how much rent I should charge?

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February 07 2013 - US
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Answers (5)

Add 20% on top of total cost for a quick estimate.  Call other local homes for rent to get an average and base your rent off the average would be a more detailed approach.  

Best of Luck
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February 07 2013
Great question!!!

 Please factor in the following:

Your monthly mortgage payment
Your annual property taxes
The cost of HOA fees (if applicable)
The cost of water and trash (if you will be paying)
Your annual property insurance premium

Add all these expenses up and charge a rent rate that at least will make you break near even. Remember owning rental property is like running a small business, you have costs associated with conducting business.  You do not want to charge too little rent and end up paying out of pocket monthly. 

Kawain Payne, Realtor 
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February 07 2013
Just as with sales, it all depends on the comps.

Determine what similar properties are renting for close to where you are. Some will be listed on the MLS. You can find others on Craigslist.

It comes down to whatever the going market rate is. I know you didn't ask, but it has nothing to do with what your monthly payments might be or what properties might have rented for a year or more ago. What matters is what similar properties are renting for today.

Hope that helps.
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February 07 2013
It is best to think of rent based on a statistical method.  Start higher than you possibly think you could get.  Then make reductions until you start getting applications.  If you aren't getting at least 2-3 ad responses a day you should reduce if you are sure your marketing is properly done.
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February 07 2013
An agent can help you with your rental listing, the commission is usual 1 month rent and they have the resources to find a tenant very quickly and will take care of all the legal documents...however if you do not wish to use an agent, find out what homes in your area, neighborhood etc.. in the last 6 months have rented for that are similar to yours.  You can adjust the rent based on # of bedrooms, upgrades, amenities etc...
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February 07 2013
 
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