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#198613 - 01/30/08 07:15 PM How to set monthly rent
Livechatrealtor Offline
Member

Registered: 08/14/07
Posts: 152
Loc: Indiana
Is there any program or formula to use to determine what you could possibly rent a home for. Say a 2 Bedroom 1 Bath 700 SQFT. Home.

I'm looking at one to buy but then use it as a rental unit.

I'm in South Bend Indiana
Thanks
_________________________
Mark Wainscott
www.KEY2SOUTHBEND.COM
My Blog: http://www.key2southbend.com/HomesAuthenticated.aspx?tabid=1988595
RE/MAX Connection
South Bend Indiana

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#198895 - 01/31/08 05:57 PM Re: How to set monthly rent [Re: Livechatrealtor]
Paul Oaks Offline
Major Contributor

Registered: 06/23/04
Posts: 3367
Loc: Central Illinois
There is no set formula as it is all market driven and will be diffeent in each area.

Contact a local appraiser in your area and they should be able to give you a good snapshot of rents for similiar properties in your area.
_________________________
Paul Oaks
Oaks Real Estate Group

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#260612 - 11/19/08 05:58 PM Re: How to set monthly rent [Re: Paul Oaks]
Ryan O'Neill Offline
Member

Registered: 06/16/08
Posts: 106
Loc: Minneapolis, Minnesota
Yes there really is no set way to determine the market value for rents.

Here in Minnesota, what we generally do is take a look at the competitive houses, condos, townhomes for rent and price accordingly. You should be able to find a number of comps in the newspaper as well as online.

Generally I like to figure a certain dollar amount per bedroom. Here in the Minneapolis real estate market, you are looking around $400 a bedroom (approximately.) I hope this helps!
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#260625 - 11/19/08 07:13 PM Re: How to set monthly rent [Re: Ryan O'Neill]
Austin TX Agent Offline
Member

Registered: 05/22/08
Posts: 44
Loc: Austin Texas
I like to set my rental rates slightly below market. So do comps on the existing market. Find out what the actives (your competition) are doing and undercut them. I'd rather get $25-50 a month less and have my unit fully occupied than have it vacant for months at a time while I hemorrhage cash and leave my property open for vandals, thieves, or other mishaps that are far more common in vacant homes than occupied homes.

Joe
_________________________
Lakeway Realtor | Austin Realtor | Austin Remax

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#262241 - 12/01/08 06:33 AM Re: How to set monthly rent [Re: Austin TX Agent]
Blancbebe Offline
Junior Member

Registered: 12/01/08
Posts: 7
Loc: Maryland, USA
Is it correct that the monthly rents should increase now extremely? I heard about that - the financial crises should evoke increasing rents as the banks don't give credits anymore ... i hope that this whole crises won't effect us too bad ...

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#262243 - 12/01/08 07:39 AM Re: How to set monthly rent [Re: Blancbebe]
Artiste Offline
Veteran Member

Registered: 06/12/06
Posts: 906
Loc: Sacramento, CA
Search the rentals section at craigslist for comps.

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#262475 - 12/02/08 05:25 AM Re: How to set monthly rent [Re: Artiste]
Blancbebe Offline
Junior Member

Registered: 12/01/08
Posts: 7
Loc: Maryland, USA
Ok, i will do that, that means there is no gerneral anwser to that question I guess ...

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#264249 - 12/11/08 01:48 PM Re: How to set monthly rent [Re: Blancbebe]
Gob Offline
Member

Registered: 12/03/07
Posts: 34
Loc: USA
Here is a website where you can get a quick "idea" of the range people are asking in the area.

http://www.rentometer.com/

It's by no means a complete solution as there are a lot of variables, but it can give you a good starting point.

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#266639 - 12/29/08 03:39 AM Re: How to set monthly rent [Re: Gob]
Thomas Anderson Offline
Member

Registered: 12/24/08
Posts: 13
Loc: Spain
Definitely, Craiglist is the best place to find one.

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