What can I charge for rent?

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Kyle J. · Answer

@Aaron Barrett Here's a guide that'll help you determine what the appropriate rent might be:

THE ULTIMATE GUIDE TO FAIR MARKET RENTS

Bettina F. · Answer

I agree with Thomas, but thought that it might be helpful to expand upon this a little further.   I have known of  landlords who rent out very nice houses, only to have their houses returned in 1-2 years requiring thousands of dollars in turnover costs to make the house ready to rent to the next tenants.  This eats up all of your cash flow, and quickly becomes a money pit.  Beautiful but not durable finishes, like hardwood floors, marble countertops, tile with grout that needs to be sealed, and CARPET are not appropriate for rental housing.  Your 4 bed 1.5 bath house would appeal to large families with young children -- and while they usually stay for several years while the kids are in school, families can be very tough on houses, and the landscaping will be trashed.

You might be better off selling your house and using the money you get from the sale to purchase a duplex or other property designed to be a rental.  I look for vinyl plank floor or tile floors, easy to clean one piece tub/shower surrounds, and a bed/bathroom arrangement that appeals to single adults or couples.

Thomas S. · Answer

You first need to analyse the property to confirm it is suitable as a rental. The majority of SFH homes do not convert to rentals, make extremely poor investments as rentals and quickly become money pits.

Annalise it from a business perspective, do not assume simply because you own it that it is suitable as a rental. Many advise that since you own a property you should never sell. This is extremely poor advice in the operation of a investment business.

Kim Meredith Hampton · Answer

Aaron,

Look on this forum, there are all kinds of companies that run rent comps (there is a cost), but there is also the free ones too, as mentioned above

Kyle Doney · Answer

Take a look at Craigslist, Zillow, Hot Pads etc for your area and look for comparable homes. This will be your best bet in determining rent.

What can I charge for rent?

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