How Much to Charge for Rent

Series Summary

Renting out a property can generate more cash flow to help with the mortgage, but being a landlord has its fair share of responsibility. The landlord of a rental property is responsible for managing the site, drawing up lease agreements, maintaining the property and interviewing prospective tenants. Whether renting out a single room in a home or leasing out hundreds of apartments in a complex, property managers and landlords need to maintain open lines of communication with all tenants. In this free video series on rental property, an experienced property manager and landlord discusses the dos and don'ts of renting out a home. Find out how to draw up an official lease agreement, and get an attorney to review it before the tenants sign. Get advice on doing credit and reference checks on prospective tenants, and learn to be the best landlord possible. Find out how to advertise a rental property, and even get ideas on finding a roommate to help out with the mortgage. Whether on a large or small scale, rental property advice is offered to landlords of all types.

Video Transcript

"Hi, I'm Damon Thompson I've been a landlord for over ten years and I have over five multi-unit buildings. This is, what is How Much to Charge for Rent. How much to charge for rent? The first thing you need to do is determine how much space you're renting out. Is it a basement, is it a bedroom, you need to determine the square footage. Then you want to check in your area for comparable rates of houses or rooms that are also being rented. You want to see what they are charging for their square footage, the amenities involved and you want to make sure that your rent is comparable to theirs. You want, you don't want to price yourself out of the market. The next thing you want to do is decide how much you need to charge a rent in order to make a profit. You know what your mortgage is on the home or land contract, you want to make sure that you get enough money in rent, are you trying to cover the mortgage as well as the taxes, or just the mortgage and you cover the taxes or whatever. You just want to determine that up front because that will also give you an idea of what you need to charge for rent. Then you also need to make sure you choose a marketable amount, you don't want to price yourself out of the market again check for comparable rates, make sure that the rates are in line with the comparable sizes of buildings or units you have that are being rented in your area. I'm Damon Thompson and that's what is How Much to Charge for Rent."