Just as you find market value for the value of your home if you wanted to sell (MLS comparisons) you do the same for rentals. Look on the MLS for comparables in your area and make sure to visit them to be sure you have at least what they have.
The rent has nothing to do with what your expenses are. Your rent is determined by what the market will absorb.
You need to go look at some rentals that are similar to the one you are offering. Find out what they are renting for and what utilities are included and set your rents with the current market.
We have some tools here that may be useful. They tend to be a little on the high side in my area. Look at newspaper ads, craigslist, and call for-rent signs in the same area.
Around here a decent 2 BR SFR will rent for about $800 on either side of town. Despite the same house costing 50-100% more on the west side than the east side. Go figure.
Craigslist is great for research. Go to Craigslist.org and search for similar rental units in your local market. Analyze the rental rates of the rental ads in the results.
Rental rates are primarily determined by the market.
Make sure you look at any photos - read descritpions of any renovations that have been done and make sure your honest as to how it compares with your home.
If you do use CL then be sure to drive by to see the hood and how it compares to where your home is located.
A lot of people on CL only show their home and they only show a cropped photo - no sense of the area.
After you look up a few ads and do a driveby it should be pretty obvious to you.
Just as you find market value for the value of your home if you wanted to sell (MLS comparisons) you do the same for rentals. Look on the MLS for comparables in your area and make sure to visit them to be sure you have at least what they have.
You can alos contact some local property managers as they would give you their opinion as to the rental value of your property and they also have comp data.
We have some tools here that may be useful. They tend to be a little on the high side in my area. Look at newspaper ads, craigslist, and call for-rent signs in the same area.
Around here a decent 2 BR SFR will rent for about $800 on either side of town. Despite the same house costing 50-100% more on the west side than the east side. Go figure.
I noticed that the link Jon gave (to the "fair market rent" tools) is not its own page under the "LANDLORD CENTER" to the left of the forums. Seems like that would be a good place to locate it for easier discovery by others.