Need help determining rent — Rent strategy

[Jordan Hamm]

Im turning my existing home into a rental (closing on another home in Feb). I have a pretty good handle on what I should charge for rent, but some extra feedback would be great.

My neighborhood seems to be in fairly high demand for buyers and renters but there's currently only 1 house for rent. The one for rent happens to be my exact model and they're asking $1800/mo. Their house is fairly basic—carpet throughout, laminate floors/countertops, standard appliances. My house has hardwood floors, granite, stainless steel appliances, an upgraded master bath and some custom carpentry/wainscoting in the entry way hall and up the stairs.

There have been a couple recent comps at 1700/mo and 1850/mo (the latter being another model like mine with only upgraded floors). However, just this summer there were a few rentals that went for 1550 and others in the 1600 range. There's nothing for rent in the 1900-2400 range in my area as I'm just outside a very affluent city/school district.

So my question is, what do you think fair rent would be for my house compared to the other comps? I'd be fine with $1800/mo but would I be selling myself short? Should I start a little higher than the other property to see if I get any bites?

If it were you, what would you do? I'm a first time landlord with a lot of questions. Any helpful insights would be GREATLY appreciated!

Thanks!

[Lauren Henley]

Hi Jordan- Im actually a Realtor & Investor in Columbus. I've had a couple clients ask me about homes for rent in the Westerville area recently. Without knowing the exact location of your home I couldn't suggest an exact price to start the rental listing at, however there are VERY few listed currently so don't cut yourself short- even though it is winter there are people relocating to Columbus due to job transfers constantly. Let me know if I can be of any assistance.