How much rent to charge

Pro-tip: Be sure to highlight your most unique and favorable amenities or features within your rental listing. You may even consider highlighting one of them in the listings headline. No matter what, the last thing you want to do is lose a prospective renter simply because you forgot to mention the finest details. Setting the right rental price is just one part of managing a successful rental business.

SmartMove is a quick and reliable tenant screening service that delivers background and criminal reports , eviction , credit , ResidentScore , and Income Insights reports to the landlords inbox in a matter of minutes.

SmartMove reports enables you to make faster and more informed decisions about prospective tenants before signing a lease or rental agreement. She focuses on topics that empower independent landlords through data, insights, and industry best practices that are typically reserved only for large property management companies. She is also involved in marketing and social media efforts centered on communicating the importance of tenant screening to independent landlords. Why is it important to charge appropriate rent?

It helps you maximize your rental profit Setting the right rental price could mean maximizing profits; according to The Balance , landlords may be able to put zero to six percent of the rent in their pocket from their monthly rental income. Seasonality Matters Seasonality can greatly affect rent prices. Tips on How to Get a Good Rent Estimate Before you determine a rental price, do your due diligence and consider these additional tips: Tap into your network.

Take advantage of BiggerPockets and other online forums to communicate with other landlords in your area. Look at rental property sites. Carefully comb sites such as Craigslist and Trulia to get an idea of the comps in the area. Also, look for rental ad copy ideas so you can write an effective ad that catches the attention of high-quality applicants.

While his real estate business runs on autopilot, he writes articles to help other investors grow and manage their real estate portfolios.

Browse Properties. Thinking of selling? Get a FREE property valuation. This article, and the Roofstock Blog in general, is intended for informational and educational purposes only, and is not investment, tax, financial planning, legal, or real estate advice. Roofstock is not your advisor or agent.

Please consult your own experts for advice in these areas. Although Roofstock provides information it believes to be accurate, Roofstock makes no representations or warranties about the accuracy or completeness of the information contained on this blog.

Roofstock makes it easy to get started in real estate investing. Subscribe to get our top real estate investing content. Subscribe Here! Recommended Articles. How to find the assessed value of property. Second, you can set a higher monthly price for tenants with pets while keeping a security deposit standard.

Some people might say that private entrances are not a big deal, while others might consider it a privilege and agree to pay slightly more for the comfort of having one.

Keep this in mind when setting the price for your rental property. Space is money. Stay rational, however. Needless to say that such details add value to any property.

There is no established rule saying whether or not you should include utilities in the rent price. The choice is up to you, but we suggest making it an all-inclusive deal. Not only will this be more comfortable for your tenants to make one monthly payment only, but it will also protect you from situations when delinquent tenants fail to pay utility bills for many months in a row. By now you know virtually all factors to consider when setting a rental price.

However, it might still be a problem to find the perfect middle ground. Here at Rentberry, we work hard to make the rental world better. Previous Next. Your email address will not be published.

Cancel Post Comment. Search for Tips Search for:. Services Visit Rentberry. What Factors Affect the Price? Major Factors Location Among all the factors, location is chief. Size The second most important factor is size. Median Income of Residents in the Area Of course, you can always ignore this fact, but we strongly encourage you not to do this.