Determining Rent Amounts for your units?

4 Replies

Hello ya'all!

I'm an aspiring REI and have been absolutely hooked on BP for the past few weeks. Been thinking about it for years, but finally found the right resource to get me over to the promise land.

Question: As landlords, how do you determine how much rent to charge for a unit? i.e. What are some of the things one should consider to ensure the rent being charged is adequate. Also, how does one determine an A property vs a B property vs a C property & so on.

Thanks!

Jay Dutt

@Jay Dutt To get a rough idea, I use rentometer dot com, as a basis. You can also use Zillow or look online on Facebook at some of the swip swap boards for the areas you invest in. Or you can also contact a tenant placement firm who will give you an idea of what they are placing people based on beds/baths in the area. Best of luck to you! 

If you are considering pro property management for your project, contact a few local property managers and ask what a particular apt, home, etc should rent for and also find out what is in highest demand for your area.

Another good idea is to find some index properties like yours and watch what they charge even when you dont have a vacancy. You have to make sure they are comparable.

@Jack Bobeck ... Awesome ideas, will definitely look in to rentometer!!!

@Will G. ... Solid steps for me to take

@Colleen F. ... Had not thought of this... DEFINITELY WILL DO!!!

GOOD STUFF Folks... thanks for helping out!

All the best to ya'all in all that you do!

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