We have decided to rent two properties, but can't seem to come to the right rent amount.
2007-10-23 03:52:44 · 9 answers · asked by latinmoe 1 in Business & Finance ➔ Renting & Real Estate
It is more driven by what simiar properties are going for in the area-not by what you currently pay on the mortgage for the property. Look in your local paper to see what they are going for and you will have a better idea. Hopefully, the rate will also cover (or heaven sakes ALIVE!) exceed your morgage payment. If they don't rent within a reasonable amount of time, you may have to rethink the rate. In tough times, I have given 1 months rent credit after 1 year of a lease.
2007-10-23 03:58:30 · answer #1 · answered by ? 6 · 0⤊ 0⤋
Check out your competition. Look at the listing for homes for rent in the newspaper. Find the ones in your area and do a drive by. How do they compare to your home. Remember that some of the extras you value in your property will have little value for rent unless it adds value to the renter. A nice bay window (no value) A swimming pool some value but limits those who want to rent and up keep may not get done.
2007-10-23 03:58:11 · answer #2 · answered by John R 3 · 0⤊ 0⤋
How did you get 2 properties with out looking in the paper?
2007-10-23 04:00:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Rental values are generally set by the market. Investigate the asking prices for properties similar to yours, and gauge your asking rents by what you discover in such a search.
2007-10-23 03:55:33 · answer #4 · answered by acermill 7 · 0⤊ 0⤋
You want to ask for at least enough to cover any mortgage and insurance payments that you may still owe on the property and maybe go at least $100 over that so you can generate some income.
2007-10-23 03:56:36 · answer #5 · answered by ? 5 · 0⤊ 1⤋
you check the comparables in your area for the going rates that the properties can bring in.... if you don't know how to do this, then you need to hire a property management company that does know to help you with this.
2007-10-23 04:25:26 · answer #6 · answered by dianaparisian 4 · 0⤊ 0⤋
see what other properties in the classified's are going for; heck, go look at a few.
2007-10-23 03:56:06 · answer #7 · answered by wizjp 7 · 0⤊ 0⤋
Check with other renters in your area to see what price they are paying for what sq foot and amenities.
2007-10-23 03:55:15 · answer #8 · answered by L H 4 · 0⤊ 0⤋
you could take the money and flow, or you could stay and lease from the financial corporation for 3 months and flow without the money. the quantity is purely as much as the financial corporation, they shoot for around 2 months lease.
2016-12-18 15:23:01 · answer #9 · answered by ? 4 · 0⤊ 0⤋