best way to figure out rental price
I rent a by the room in a duplex near two big colleges, it has 5 bedrooms on each side. I have used Rentler before to price the rent but it doesn't make sense to use it because if I put that it is a one bedroom the price comes back as a one bedroom apartment. Would pricing as a 5 bedroom and then divide by each rooms square footage make sense?
First off congrats on having this near two colleges. I work at a college campus and our students are always looking for housing. I would try and find comps for rooms and see what amenities they include. Does your listing include water, lights, internet, washer/dryer,etc.
If so I would ensure that you factor that into your room cost. Padsplit and roomster gives good comps in my local area of Houston, TX. Lastly, maybe check the housing boards and see how much the room and board cost for a single room.
This is exciting and I would love to follow to see how things go.
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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The MLS and property managers.
Quote from @Maquel Russon:
I rent a by the room in a duplex near two big colleges, it has 5 bedrooms on each side. I have used Rentler before to price the rent but it doesn't make sense to use it because if I put that it is a one bedroom the price comes back as a one bedroom apartment. Would pricing as a 5 bedroom and then divide by each rooms square footage make sense?
You'll have to do the work. Look for comparable rentals advertised on different websites. Check the bulletin board at the administrative office. Secret shop other rentals. Don't rely on computer algorithms like Zillow or Rentler because they there are many intangibles they can't calculate for.
Quote from @Maquel Russon:
I rent a by the room in a duplex near two big colleges, it has 5 bedrooms on each side. I have used Rentler before to price the rent but it doesn't make sense to use it because if I put that it is a one bedroom the price comes back as a one bedroom apartment. Would pricing as a 5 bedroom and then divide by each rooms square footage make sense?
University housing pricing cannot be assessed through traditional means since it's higher than the norm. You will need to check other rental comps in the area and go from that. If you don't have access to information like this you should consider a property manager or agent who does. Many times (in Delaware) you can have a 5 bedroom but the zoning is such that they limit you to 4 non related people for renting so you'll need to check that as well. Lots of variables. And make sure when you do get it rented that you have one parent of each student apply as well (and list them on the lease)
Good luck!