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How to determine how much to charge?

How do I come up with rent amount?Location,number of bedrooms?Do I include utilities,which is best?This is a house in central Vt.
  • August 26 2010 - Town of Plymouth
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Answers (6)

First and foremost, are you considering this home a vacation rental? If this is the case it will alter the pricing dramatically, especially if it is in an area frequented by families on getaways.

You should first consider the local market, are there other homes for rent that are similar to yours? There is a science associated with the "art" of renting, the science being that you need to price your home with the market using comparative analysis. If there aren't many other rentals in the area, you could attempt to figure out how much someone might pay for a monthly rate mortgage-wise in the area and then price yourself below it in order to make it more lucrative.

For a year long lease, utilities are up to you depending on what you hope to get for rent. The thing with utilities is that you will shut windows, turn off lights, and take quick showers because you're the one footing the bill...your tenants might not be that nice, and it could end up costing you, especially up North!

I hope this helps, best of luck!

Eric Rollo
Roots Real Estate
  • January 24 2011
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It's more an art than a science. A good starting point is your mortgage (if you have one) plus a little on top. Find some comparable (equivalent size, bedrooms, location, finishes, parking, yard, etc) units in the nearby vicinity and maybe even preview one or two to see how your listing stacks up. Does yours have a granite kitchen while the other one is more dated (hypothetical) ? Then once you have a price you feel is fair determine your level of urgency. Do you need to get it rented ASAP? Drop the price $50, $150, whatever to a level where someone would have to be completely insane to turn down. Do you have a few months before your current lease expires? Try to earn yourself some profit on your investment.

I'd advise you to also list your property with an agency or two in your area - they, presumably, will have some similar listings in the same range and can tell you how close or how far off the mark you are.

Finally, it's never a bad idea to post on craigslist in the "by owner" section - my experience is entirely based in the city - but most people would always prefer to deal directly with an owner because it negates paying a fee. It will also give you a sense of what the other property owners are charging in your area for similar units.


Good luck.

  • September 10 2010
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Shop around and see what your competition is charging for similar space.  Look at what your carrying costs are going to be (mortgage, insurance, prop management fee, repairs, etc).  See how much room you've got between what other properties are renting for and how much it's going to cost you to hold the property.  Just like selling, your generally better off coming in just under what everyone else is charging.  So if you competition is charging $800/mo, you may want to offer it at $775/mo so your deal looks a little sweeter. Of course, the money has to make sense so pick your numbers apart with a fine toothed comb and figure out what works best for getting people in the property (and keeping them there) and making a profit.
  • August 26 2010
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Here's a tool you may wish to check to see if it helps a bit with comparables..

Rentometer.....Link
  • August 26 2010
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Try looking at comparable rentals on Craigslist. You should get a feel pretty quickly for market value.
  • August 26 2010
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It is like pricing anything else. Get an expert to assess the value. In this case, contact a local rental agency or two and get them to assess the rental rate for your property. It is a good idea to go through an agency as they can navigate you throught the leagal storm that is year round rentals.
  • August 26 2010
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