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How should I charge for rent?

I am a college student waiting to close on my house (about 5 weeks to go). I plan on renting out the other 2 bedrooms in the 3/2/2 house I am buying in Orlando, Florida. I would prefer to rent to college students. How much can I get for rent per bedroom?

The bedrooms will be unfurnished. Common areas will be furnished. Utilities will be split evenly, not to be included in the rent. The house is approximately 10-15 minutes from 3 different colleges in Orlando and about 5-10 minutes from downtown. Amenities include all major appliances.
  • October 07 2010 - Orlando
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Answers (4)

Regarding the rent, pick a number and then bring it down incrementally if you do not find any takers. The market will tell you what is a reasonable rent amount. I would also highly advise you to do background checks on all prospective tenants, and then execute lease agreement with them. If you go to evict.com, you can learn a lot about property management, and the attorneys there can provide you with a good lease at a reasonable price. Remember that your home is your investment, and you need to protect it at all costs. If you do not have a lease in place, then you have no legal standing if you have any issues. By the way, the tenant should pay the fee for the tenant screening fee.
  • October 07 2010
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Many times there are ad boards on campus that have postings for rooms for rent.  Craigslist would be another resource for both seeing what things rent for and for finding tenants.

I have noticed that allowing dogs is a huge attraction in a collage town and will bring a premium.
  • October 07 2010
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Find out what comparable units are renting for in the area.  Compare your units to the condition, size and amenities as other properties and then base your price on those.  That is the simple way.  Another good idea would be to contact an Agent and ask for thier advice and assistace in renting your property.  Many real estate agents also provide rental services for a very affordable fee.
  • October 07 2010
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Go on Craigslist, look online at student newspapers, go to websites like roommates.com to get a sense of what others are charging for a room. Also pay attention to what amenities are included and whether or not other homeowners split the utilities or whether they just lump them into the rent.

Make sure you interview them before renting a room. These are folks that will be sharing your home. They won't just be a tenant down the hall from you. (I speak from experience on this one. I've had roommates and some of them were doozies).
  • October 07 2010
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