I'm wanting to lease one of my bedrooms to a college student and I need your opinions. Would you pay $375 per month for a bedroom with cable, internet access, kitchen use, full bathroom, and all utilities included (with the exception of phone service)?
2006-07-07 02:13:21 · 11 answers · asked by Grace777 3 in Business & Finance ➔ Renting & Real Estate
Thanks a bunch you guys! The home is located in an urban area and is clean/decent (not a slum). Given my research, slums are going for $425 per month on average. To avoid violating fair housing laws in Texas, I'm going to include "ideal for college student" as opposed to "college students preferred" in my advertisement.
I appreciate all of your answers!!!!
2006-07-07 02:37:24 · update #1
Depends where you're located. Its an incredible deal in Boston, decent in Tampa, and kinda expensive in Columbus, Ohio. Then again, even in Columbus, it wouldn't be that bad if you're paying all the utilities. Yeah, you're probably ok with that price just about anywhere.
2006-07-07 02:16:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It depends; as with other real estate values you should look for comparable space that is already rented and compare. This would be a great deal in an urban area, but wouldn't make sense in a rural area if houses were renting for $400.
Also be aware that if you do decide to rent fair-housing law applies, so that you may not be able to only rent to the "college student' that you have in mind.
2006-07-07 09:22:47 · answer #2 · answered by John M 1 · 0⤊ 0⤋
As others have said, it all depends on the market - check local listings (newspapers, campus bulletin boards, craigslist.com, etc.) to get a feel for the market. I highly recommend insisting on a signed lease or rental agreement, written references (from former landlords or if you are the first employers or teachers) and a credit check. A face to face interview, while critical, is not enough when you will be sharing your home with someone. Charging slightly under the market rate will allow you to be somewhat more selective. Spell out house rules ahead of time - keeping kitchen clean, are visitors allowed, overnight guests, smoking, stereo at night, parking, etc.
2006-07-07 09:28:21 · answer #3 · answered by mtaylo1 3 · 0⤊ 0⤋
That is a very fair price!
Just remember to get everything in writing of what is shared and what isn't. And who will be responsible for damages. Take a picture of the room before they move incase they do damage you can go to court for cost to repair
2006-07-07 11:35:03 · answer #4 · answered by ktwister 4 · 0⤊ 0⤋
My uncle owns a rooming house, he charges $100/wk. Now his tennants are, how shall we say..., less than desirable. They are mostly indigent people that have been placed through housing authorities and so on...but in my experience, your rate of $375/mo is fair and appropriate for the conditions.
2006-07-07 09:27:18 · answer #5 · answered by ReggieWjr1 4 · 0⤊ 0⤋
Check out your local paper for similar listing and see if your price is fair for the area.
2006-07-07 09:17:56 · answer #6 · answered by curious 3 · 0⤊ 0⤋
That depends on the going rate for your area. I would check the classfied ads to see what rooms go for in your area. For around here that would be amazing, rooms go for about $400-500.
2006-07-07 09:17:29 · answer #7 · answered by evil_kandykid 5 · 0⤊ 0⤋
That would be a great price. Not to high not to low, just right.
2006-07-07 09:17:22 · answer #8 · answered by Kain 5 · 0⤊ 0⤋
That is fair. I would pay it.
2006-07-07 09:16:55 · answer #9 · answered by Diva 3 · 0⤊ 0⤋
I think that's generous.
2006-07-07 12:44:49 · answer #10 · answered by Skywalking 3 · 0⤊ 0⤋