Updated over 3 years ago on . Most recent reply
(Newbie) what’s the best way to find the right amount for rent?
Trying to find out the best way find a good price for my 3bed 2bath rental property. 1500 square feet on .25 acre land with a fenced in back yard. Everything in the local area seems to be going for around 1200 but my property is valued somewhere between 180,000 and 210,000 so 1200 seems low
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@Austin Jones, I am a fan of looking at comparable rentals in the same neighborhood on a real estate app (zillow, realtor.com) and using rentometer. Like @Dustin Allen said, a comparable has to have similar specs (bed/bath, # sq. ft, finishes, amenities), and what the landlord provides (appliances) or pays for (utilities). I see you are from Topeka, KS, which is very close to the Flint Hills region of Kansas that I just moved away from. I can tell you that rent prices in that area are way behind the rising home values so I would agree that your home value is not applicable to the situation. We ended up selling our home instead of renting it out for that very reason; the rent payment from a tenant wouldn't even cover my mortgage!