CHARLESGATE Blog

How Much Rent Could I Get If I Rent My Home?

Written by jdawson | Jan 25, 2014 5:00:00 AM

4 WAYS TO DETERMINE HOW TO VALUE YOUR HOME FOR RENT

Does one of these situations describe your current living situation?

  • You have tried to sell your house or condo, but the market appears soft;
  • You have accepted a job, or a life event has occurred forcing you to move;
  • You owe more than your home is worth; or
  • You’d like to create monthly cash flow from your property?

If so, then knowing the market rental value for your property is invaluable for two reasons:

  • Charging too much for rent could increase your vacancy rate (less money into your pocket); and
  • Not charging enough leaves money on the table at the end of each month.

HOW TO DETERMINE RENTAL VALUE

There are several ways to determine fair market rent. Here are a few:

  • Contact a local real estate agent familiar with the rental market in your property’s area (they have access to real-time data not seen on most public real estate sites);
  • Check your local newspaper’s real estate listings (print media is not dead for real estate listings);
  • Contact a local property management company; or
  • Check websites like craigslist.com, rentmetrics.com, padmapper.com, or rentometer.com – these automated tools can be a great starting point.

TAKE THE NEXT STEP

If you’re interested in obtaining a rental market valuation for your property, feel free to contact me directly. Knowledge is power, and accurate data is paramount to making sound real estate decisions!

Talk to Joshua Dawson about helping value your home and determining if you should sell or rent!