Profile picture for Turtles21

how much should I rent my home for?

  • October 02 2011 - Albany
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Answers (7)

Profile picture for rsproperties tn
I have several rental homes and I use the 1% Rule.  Generally, your home sshould rent for 1% of the appraised value, the key word here is SHOULD.  The recent recession and property values has made adjusting the rule some, because of the depressed values or what some consider the new value.  So, here's my process.  The home appraisers for $125,000.00 x 1% == $1250.00 per month.  If your home is exceptional to other rentals, i.e., more square footage, granite, ceramic tile, hardwood floors, new windows, all new light fixtures, new hardware (doors, handles, etc.) and you feel the appraisal is depressed, then raise it in multiple of a hundred.  In addition, lets say its the best location possible, add $100.00, shopping centers, grocery stores, strip malls are within walking distant add another $100.00.  Is there an airport or bus stop near by?  Add these items up as well.  At the same time, be realisitic and and take away in value as well.  If there is none of the above, you may have to adjust downward.  Finally, you can only raise it so much with the add on's.  If the base rent is already on the high end of other rentals, you may already be at the top.  This is simply a guide to get started.  Good Luck.
  • February 12 2013
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 I would recommend that you ask a knowledgable Realtor or neighborhood landlord who knows your local rental market. Many factors will affect your rental value including school district, square footage, laundry facilities, size of yard, etc.

  • February 12 2013
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Best speak to a property manager who is strong in you local area. Rents are changing fast and you could loose money if you get the estimate wrong
  • March 07 2012
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find the available rentals in that area. hire a realtor, the renter pays for fee
  • March 07 2012
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1. How large is the home or space you are renting?
2. Are there other homes in your area that are for rent currently?
3. Go "shop" those rentals to see interior quality for comparison to yours.
4. What do you need to cover all of your expenses?
5. Determine market value and see how much you will net each month.
6. Don't forget deposits and utility charges.
7. Decided whether or not you will allow pets and determine appropriate fees.
8. Also decide lease terms and premiums if you are open to short term.
9. Once you have a renter, make sure you complete credit, background and income checks.Experian has an option for rentals that will provide you with the prospects credit worthiness.
10. Make sure you use a legal lease with expectations spelled out clearly.
11. Have Fun!
  • March 07 2012
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Profile picture for DonaldGraves

You should look at the location, size, and individual characteristics of your rental versus those in the area of your home. I would recommend a 12 mile radius around your address. Adjust your rental price to be competitive with those recently rented (past 6 months) and those on the market. You want to be a good value to attract renters, but still maximize the return on your home.

  • March 06 2012
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Click on the followed link and compare your home to those in your area.
http://www.zillow.com/hom ... ct/11_zm/

Open your home detail page, which has the Rent estimate by click on the followed linked, type your home's address in the Find homes box then hit the GO button.

http://www.zillow.com/

Don't forget to advertise your rental on Zillow by click on the Post for sale/rent where is also in your home detail page. Yes, it worked.
  • October 02 2011
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