Just bought some apartments in a great area its four minutes away from Rhodes college . Each units has one bed room and one bath . My question is how do I determine how much to charge for rent to make a great monthly cash flow . How do I get college students that attend Rhodes to be interested in renting?
See what your competition is charging for similar units. Check out Zillow, Trulia and craigslist for comparables.
Unfortunately the rental amount you will be able to charge has nothing to do with what is profitable to you but what the market will dictate.
Thanks for your response.
James is correct. Renting is almost a like a commodity. You cannot stray too far from your competition unless your property is different in some way. We allow pets in ours and can charge a fee and higher rents because most of the competition does not. Having a W&D or storage can be a reason to have higher rents.
Call the Rhodes housing office and see if they have a "preferred" housing list that you can get on to advertise. Or, if not, see if they have online bulletin boards (or real ones), or an information page that you can list your units for rent. Most colleges have something unless they are trying to keep kids on campus for some reason.
Kristin the other reply's all gave good advice. I'm curious as to why you would buy something without having a solid idea of what the rent would be. This seems pretty risky to me.
Lol good question!!! I wanted to see how other investors think .
I gotcha ya. Tell me about the apartment that you brought at 18. That's impressive action at a young age.