How To Rent Out Your Home: Setting the Price

August 10, 2010 at 9:39 am Leave a comment

1. Before you decide on a price, you must research the market to make sure that you can tap into the rental pool. The Wall Street Journal gives and example of how to calculate your rent:” You can charge at least 1.1% of the home’s value up to about $100,000, or about $1,100 a month. But as homes go up in value beyond that, the percentage you can charge gets smaller, because the rental pool shrinks. So for a home that costs $350,000, you may only be able to charge .8% of value, or about $2,800 a month.”

2. The previous point is to be taken into consideration if you’re looking to rent annually. But, if you want to rent seasonally, there are several other factors to consider. Put a value on location, views, level of maintenance and facilities.

3. Take a look at other homes with similar characteristics on rental websites or even on Craigslist or in the newspaper sections

4. You have to see if the renting option is profitable on your investment. Is it worth for you to put the house up for rent? Or it will mean extra costs and fees?

Source: WSJ.com

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Entry filed under: Everyday things, News, Real estate. Tags: , , , , , , , .

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