How to price a rental house?

Question

I'm wondering if it would be a good idea to hire a real estate agent just to give me the going rate for my rental house.  I have looked on Craigslist and Zillow, but there just doesn't seem like many options in my area.  Also, the rents seem to be all over the place.  Is there a way to compare houses to apartments and then just add a certain percentage for a house?

Scott M. · Answer

You can hire a realtor of course.  They may have access to some data you don't or they may at least know how to pull comps.  Not all do by the way.  I have never heard of a conversion for an apartment to a SFH before but like what you are trying to do.  I would expand the search a little, look back a little further in time.  Maybe use some imperfect comps and make adjustments.  There is no science to this for most landlords.  And nothing wrong with changing your ad if you get the price wrong.  If you get 100 leads in an hour it is probably too low.  Remove the ad, raise the price.  If you don't get any leads odds are it is too high.

I think it is great you are trying to learn though, good on you for that!

Audrey X. · Answer

@Chris Clemptor

I use Zillow and use the filter to search for properties for rent in my zip code that are comparable.

Gail K. · Answer

Have you tried running the address through rentometer.com?

Chris Winslow · Answer

Hi Chris- I absolutely recommend working with a realtor, a great realtor will be able give general rent ranges for your area and also pull specific comps that are similar size/condition to the property you are looking at. Other than that yes Craigslist, Zillow, Apartments.com, Rentometer.com. I don't know of a specific percentage to add for a house vs apartment but there may be a general rule in your area