How much should I charge for rent???????????

Question

HEY BP,

When learning your market what is a good strategy for determining how much you should charge for rent?

James Mc Ree · Answer

Look for comps in your market.

Steve Bracero · Answer

@Julian Hall

Rentomter is great!

Also CL, search your zip and go within a mile of the property..

Make sure you find similar comps with sq feet, parking, washer dryer, if you supply appliances, safety, school district

You could also, do mtm, a 6mo, 9mo, 12 mo lease- to let the tenant choose which works for them

Bryan O. · Answer

@Julian Hall check your comps online. Look around the neighborhood for a place to live on the various rental sites, just like a tenant would do. Talk to property managers in that area and see what they think. Don't waste their time though. If they're going to do work and you don't plan on hiring them, make sure you buy them a coffee, give them $20, something so that you aren't just leaching off their knowledge. I have found in my primary area that Rentometer is completely wrong (around 40%) so I do not advise using them as anything other than a quick check.

Alexander Dan · Answer

Yep rentometer.  I use the pro version.  It basically tells me which addresses charge x amount.  It's great for comps.

William Murrell · Answer

+1 to rentometer.  It's pretty good.  You can also try Rentrange, but you need to fork out a few bucks to get the big report.

Scott Weaner · Answer

When I am examining a property, I go to Rentometer and enter the rent that I want to get. I then take a look at the surrounding rentals.

How much should I charge for rent???????????

Most Popular Reply