What's the best way to rent out a single family detached house in Medford area?

[Saleh Sadaghiani]

Hi BiggerPockets community!

I thought my first post here would be about how to buy an investment property, but circumstances made us think about renting out our house (in Fellsway Medford, greater Boston area)!

What is the best practice to set the rental price for a house? 
How can we estimate the rent price range for our home?
Is it better to leverage a rental agent/property mgmt. considering the lower demand for this property type in the rental market?

Estimates from real estate apps are meaningfully lower than our mortgage. Still, there are some rental postings for similar properties (location, size, year build, etc.) that have higher asking rents compared to estimates.

[Colin Kelly-Rand]

IMHO you often do get a premium for a detached home vs an apartment. 

First I would ask a broker to look at past MLS rented single family homes in Medford and get a baseline on rent.

Secondly- your ideal renter may be a future homeowner who is waiting for mortgage rates (or prices) to fall. So they are likely comparing homeownership costs with rental costs. You can look up homes for sale in your area on zillow and check out what the expenses (PITI) that a buyer would have to pay today - and see how that compares to the rent you would like to offer.

Also - you may fit well into a furnished rental option if your home is nicely furnished. 

Just some thoughts!

Cheers,
Colin