How to Determine Rents
As a landlord, one of the primary components of business involves setting a rent price. This vital decision will affect your bottom line each year. A high rent price may not attract any suitors for your property. Alternatively, a low rent price may not make enough profit for you. You should perform some research to determine a solid rental price on your listing.
Instructions
- 1
Go to other rental properties in your area. Pick up any data sheets that are available. These sheets will have rent prices on them. If data sheets are not available, write down the phone numbers of the landlords.
2Call the phone number you obtained. Ask the landlords for the rent prices for the homes. Also, ask how many bedrooms, bathrooms, square footage and other amenities the homes have.
3Go online. Browse rental listing websites to determine rents in your area.
4Perform some comparisons. Find homes similar to yours in your area. You can obtain a ballpark range of prices in your area by looking at all of the other rental prices. Pick a number, and list your property for that price. You may wish to start a little high so that a tenant can feel good about negotiating rent down a bit.
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