How to Calculate Rent Times Per Square Foot

Rent sign

If you are considering building a home or purchasing a home for the purpose of renting it out, you might want to consider basing your rent on the square footage involved. You also may want to estimate rent based on square footage if you are thinking about renting a place yourself. Once you can calculate possible rent amounts, you will know how much space you will be able to afford.

Things You'll Need

• Tape measure
• Calculator

Instructions

1. Use a tape measure to measure the length and width of the home.

2. Find the square footage by multiplying the width times the length. If the home is not rectangular in shape, you may have to sketch the building to scale. Let an inch or a centimeter equal a foot. Then divide the drawing into various shapes, such as triangles, rectangles and circles. For triangles, multiply the height times the base and divide two into your answer. For circles, measure from the center point to the outer edge. Multiply this figure by itself and then multiply your answer times 3.14 (pi). Add the areas each shape in order to find the total square feet of the home.

3. Figure a dollar amount per square foot.as a monthly rate or a yearly rate. For instance, you might have a rent of $3.00 per square foot per month or $36.00 per square foot for a year.

4. Multiply your dollar amount by the square feet. For instance, if you are considering a property that is 1000 square feet and the rent will be $2.00 per square foot for each month, you would multiply 1000 times 2 to get a monthly rent of $2000.00.

Tips & Warnings

• Call around your area to check on average rent rates per square foot in order to make sure you're getting a good deal as a renter or setting a fair, competitive price as a landlord.

References

• City Feet: Understanding Rental Rates