How much to ask for Rent?

[Tyler Sanders]

I am going to put an offer on my first investment property and I am not sure how much to charge for rent. Is there a good resource to find out what other investors are charging for rent? Thank you for any help.

[Andrew Syrios]

There are a few good resources out there online that I would recommend. The first one to go to is Rentometer.com. Type in type of property you have and location and it will give you an estimate. However, it's based on those who have made estimates, not real numbers so don't just take it as Gospel.

My favorite site to use is Craigslist (although Zillow and Hotpads can help too). They have a map feature, so go to that and look for similar rentals nearby and what they're renting for. Compare the pictures too. There are also some paid services like RentRange.com that provide even more data on rental comps.

Finally, you can drive the neigborhood looking for "for rent" signs and call on them. You can even talk to the neighbors and ask them what they pay. All of that should help you get an idea of what to rent a property for.