Fair Amount of Rent

When figuring out the fair rental cost of your property, you may use an internet-based rental company search facility to locate usual rental rates in the area where your rental unit is located. Set your first price according to the same listings. Begin at the bottom end of comparable listings’ asking prices, when you decide on your own amount of rent. Take note of any special features in your home and consider them when calculating the rental value. Moreover, consider all the conveniences that you are offering to the tenant as included in the package as you determine your ultimate rental rate.

If your rental property includes phone service, cable and internet, consider the amount that the tenant would need to pay in case he signed up to avail of these services by himself. List your ultimate rental value on any classified listing site to measure interest. In the event that you do not receive several responses at such rate following a couple of weeks or one month, lower the price a bit and publish again. Continue to modify the rental rate down till you begin seeing interest. Ask yourself whether or not you would pay the rent that you are offering to people for the rental property, in case you were the prospective tenant.