How much should we charge for rent?

Question

My husband and I just bought our first investment property and don't know a whole lot about landlording etc. How do we go about finding a good renting price? Is there a website where we can enter details about the property and it will tell us? Thanks!

how much would you rent this for in Northern Colorado?

Garden level duplex

3br + 1 bath

large yard (in the process of relandscaping)

On site storage unit

New carpet throughout living and bedrooms

New tile floors in laundry room, kitchen and bathroom

Fresh paint (walls and ceilings)

New baseboards and backsplashes.

Completely remodeled bathroom

Washer/Dryer hookups

New heating unit

New light fixtures

Less then a mile to a major University

2 blocks from grocery store and shopping

5 blocks from mall

1 block from city transport bus stop

Answer 1

None of us here will know the answer to your question ---BUT --the appraiser who just appraised your home does know in fact it may be in there as a market comparison of rents in the area of your appraisal

I am  a Mortgage banker in TN & KY

Answer 2

Take a look at Craigs list for similar places and fit your rent price in that range..  As said earlier, there's no right answer.  It all depends on the market.

Answer 3

just make sure you find a good tenant, even if they dont pay top dollar.  go with word of mouth/good references.  tenants can lead you on to paying a good price, and before you know it, months can go by with no rent and you are in court trying to evict them.

Answer 4

It is a very inexact science.  I always have a 3-week plan for my rental house.  I know what rent i would like to charge.  I put it in the newspaper and craigslist for that amount for 1 week.  Next week the rent goes down .... a lot.  I want to get someone in it now.  Next week it goes down a lot.  My goal is to never let it sit empty for more than 3 weeks.

If it hasn't rented at the low rent, i need to analyze why.  I have to know this.  That's why i ask every prospective tenant, as they are leaving "Do you think you will rent my house?  If they say no, i ask Why not?  and i listen closely.

Answer 5

Since rents vary from one city to another....it is hard to compare what we would charge here as to what you would charge where you live.  I have found that the first step is to add up all the expenses you will incur associated with this investment.  Be sure to include future money needed for updates and repair expenses, taxes and anything else you are paying "out of pocket."   See what total you come up with.  Then take some tours of apartments in your area that are for rent.  See what their amenities are compared to yours and decide whether your place should charge more or less than what you have seen.  Be sure to view your place with a critical eye, as future tenants will.  Many landlords see their places as palaces when they may be anything else but that.