What is your maximum rent for a rental property you currently own?

Question

What is your maximum rent for an SFH or an appartment unit? I am planning to rent an SFR for $2300 near Downtown Chicago and do not find that many people with qualifying income that will be 10000. What is your experience. I am giving this rental to a realtor to lease.

George P. · Answer

highest i have is $1,225. they are all 3 bed ranches with lots and garages.

income levels are around 40-80k for the families.

i had a couple that was making over 150k and they stayed just one year. i didn't like that at all. the more they make, the more likely they will stay just one year since they look to buy.

Rick Bassett · Answer

We have (2) that rent for $1895 each - 1500 sq/ft SFH w/4Bed, 1.5 bath - income level is $50k - $70K

Jeff S. · Answer

$1350 1250 sf house and trying $1425 for a 1499 condo but experiencing difficulty.

Atul Mohlajee · Answer

Can you send me such people? Where are they renting from you? Why don't I get higher income people? Where do you advertise? How do you advertise?

Brie Schmidt · Answer

@Atul Mohlajee I think that is attainable. I just rented our my $1450 unit to someone who makes $120k and my other $1300 unit went to somebody over $100k

Atul Mohlajee · Answer

My question was also geared to sell it instead. I bought it for $147000 in a foreclosure in 2011 and it is easily more than doubled. I was thinking that finding that high an income earner will be hard despite of being in Oak Park, Illinois and being close to downtown Chicago.

Atul Mohlajee · Answer

Oops. Typo. I am looking for an annual gross income of $100000 to be on the safe side. It is a little higher than 40 X monthly income because the tenant is responsible for all utilities.

Elizabeth Colegrove · Answer

My max is 1775 a month. I do either 3x rent or not to exceed bah if military..

Sharad M. · Answer

Hi @Atul Mohlajee

I rent my downtown Chicago condo for $1,600.

Are you looking for $100,000 annual income or $10,000 monthly income? Since the rent is $2,300/month, 3 times the gross rent will give monthly income on $6,900 and annual income of $82,800.

Jerry W. · Answer

Max I am getting is $800 per month for a 4/bed, 2/bath house built in late 70s. Its pretty hard to get that around here. I have a friend who seems to always get $100 per month or more above what I charge. He also seems to be repairing his a lot. I think he takes anyone who can pay the rent.

What is your maximum rent for a rental property you currently own?

What is your maximum rent for a rental property you currently own?

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