How to Set a Rental Price for a House
It's not wise to determine a rental rates for a home by simply picking a rate out of thin air. Instead, do extensive research online or locally, and you'll be able to set a rental price that is both fair toward your tenants and commensurate with neighborhood rates.
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Instructions
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Finding Rental Rates
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Look up three different sites that can give you an estimation of how much rent you should charge. Go first to Hud User, the U.S. Dept. of Housing and Urban Development's official website.
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Use Hud User's search feature at the top right of the page to type in your city and state. Know that this site generalizes regarding rental prices, so you shouldn't rely on it alone.
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3
Go to Rentometer.com, where you can get more specific rental rate information for neighborhoods in your city or town. You must fill out the address of your rental home on the site's search box to get more detailed information.
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Study the maps and textual information in Rentometer's results. They will display estimated rental prices on streets near you and indicate whether the rent you intend to charge is typical for the area or is relatively high or low.
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Consider referring to the classified ad section of Craigslist.org or your local newspaper to get an estimation of typical rental rates in your area.
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Tips & Warnings
Talk to other landlords you know in nearby neighborhoods to see what they are charging for rent.
You can also decide your own rate based on the amenities in your rental home. If you have all new and high-tech amenities in the home, you can justify charging higher rent.
Base your rental rate on the local economy and whether charging too much rent will prevent prospective renters from seeking to rent your home or homes. Lower your rent a little if you're having trouble attracting renters.
