Inland Empire - how much to charge for rent

[Michelle Phimmasone]

Have been doing research and I know actual rent here is higher than the average data that is showing. Have a 5 bedroom house, plus huge bonus room that can be 6th bedroom, with 4 car garage and 3000 sq ft home. We just got it back from non-paying tenants who haven’t paid since before last Thanksgiving and spent 2 months renovating it (cuz could only work on days off). But we lost a lot of money from previous tenants, have had to put a ton of money back into it for renovations. It’s a great house in a good area in Menifee, near the college and close to middle and elementary schools.

Would like to charge over $3000/month rent. But not sure how much. The only places I can check for comparison is other listings but 4+ bedroom homes available are very few. 3 bedrooms rent for about $2500. Just trying to price right the first time, and a competitive price but also we definitely feel our home is worth that. We renovated the heck out of it-brand new carpet, new porcelain tile and laminate flooring downstairs, epoxied the garage floor, new countertops, sink, pull down faucet, glass backsplash, new paint entire house, all new baseboards, added crown molding, and artificial turf and hard scaping front and back yard. Someday we’d want to add tankless water heater and Quiet Cool. 

It’s a highly competitive area with low supply and had the highest increases in rent. So am struggling a bit to figure out how much to charge

[Juan Valle]

I had a similar problem finding comparable rents for a large property in Riverside CA.  It is a five bedroom w/3 bath. A huge back yard and the best views overlooking the Inland Empire to the San Bernardino mountains.  At 3800 sq ft.  it is a monster of a house.  Rentals are few and far between in the 3500.00 range.  Tenants are hard to come by at these price points.  I am moving away and will most likely cash out at double my original purchase.  If you do find good tenants count on 25%  vacancy because most likely, tenants who can pay the higher prices will be repairing their credit and becoming home owners.  That is what happened to my last tenants.