How much should I rent my home for? This question is one of the questions that is asked by almost every client, and honestly its not as easy as you might think. Several things effect what your home may rent for.
The number of bedrooms and bathrooms is a key factor when determining your magic number! There needs to be a balance of bedrooms and bathrooms as well. A family of seven most likely will need a home with 4-5 bedrooms and 2-3 bathrooms. A family of four would most likely be just fine with a three bedroom home and 1-2 bathrooms. The more bedrooms and bathrooms... the higher the rental price!
What are the special features in your home that catch someone's eyes at "first walk thru"??? Is there a wrap around porch? A cozy fireplace? A large master suite? Or the perfect backyard deck to host summer BBQ's? Features provide a home with the extra "wow" factor and can often help get you top dollar for your rental.
Location.... location.... location! Location is one, if not the most important pieces of pricing your rental. Is the home in a safe neighborhood? What are the schools rated in the area? Are the surrounding homes taken care of?
Get a professional opinion! A professional can offer you a comparison of other properties in the area based on similar attributes as your home. It can provide you with a basis on what you are looking at price wise.
Last but certainly not least, the most important thing when having a rental is that it is rented! The last thing you want is to have a rental that won't rent due to the price being set too high. Sometimes you may not get the price you are wanting, but take into consideration that a vacant house is also a "no profit" house!
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