Home » Featured, Learn How to Invest, Real Estate

6 Ideas to know how much rent your should charge for your rental property

30 September 2006 4 Comments

There are 2 ways to make money from real estate. Either you rent it out for cash flow or flipping it for capital gain and profit from the equity of the property.

Today I am going give you some ideas how you can determine the rent for your property.

  1. Get the information from local newspaper and see what other like renting for
  2. Drive around the area of your property and ask if you find any rental sign on the property.
  3. Check some rental web site
  4. Call property management company or real estate offices and get their opinions.
  5. Hire an appraiser to run a check on the rental rate of your area
  6. Take action and run ads for a week at the highest rent you think and if no response, reduce the rate until you find someone rent your property.

PS: I collect this information from Richdad.com

Related posts:

  1. Rentometer, another internet tools to check rental market of your property Just found a site called rentometer.com where you can check...
  2. How to Buy a Profitable Rental Property and Get Passive Income This article can be the part 2 for my previous...
  3. The Reasons Why Getting Started in Real Estate with buying Rental Property There are a lot of ways to make money from...
  4. 5 factors that affect the positive cash flow of your rental property If you want to have a positive cash flow from...
  5. What I learned from others - Rent Vs Appreciation in Real Estate Today I found an informative post in richdad.com called “...
  6. Invest to Financial Freedom - Formula for Rent vs. Own In personal finance, we have to make a lot of...


Can't Read What You Want?

You can type what you want to search below and get more information


If you have any financial questions, please feel free to let me know. I will try my best to help you!

Subscribe My Financial Freedom Tips

Enter your email address:

4 Comments »

  • Grant said:

    Harrison,
    I rely on the local market to tell me what to charge for rent. Newspapers are ok, but lack a lot of detail to be able to narrow down an appropriate rent value for your own house.

    I’ve found the internet to be terribly unreliable when it comes to this topic as well.

    Hiring an appraiser seems a bit extreme as well.

    Just my opinions, of course.

    -Grant
    TheCornerOfficeBlog.com

    # 30 September 2006 at 10:03 am
  • Jeff Plumb said:

    I like the idea about finding similar properties in your area and enquiring about the rent they are asking for.

    However, as for charging the highest amount and if you don’t get any interest, then reducing the amount, I don’t really like this idea. I once tried this but I did not rent my house out for 2 months. I would have been far better off taking a lesser amount and having a tennant. Just something to think about.

    Cheers,

    Jeff.

    # 30 September 2006 at 8:01 pm
  • Harrison (author) said:

    Thank you for sharing your experience Grant!

    # 30 September 2006 at 8:01 pm
  • Harrison (author) said:

    Thanks Jeff. But if we charging a lower rent, we must beware that we might in negative cashflow for the property. This is the hard part setting up a rent for your property. We must learn how to find the “win win” situation.

    # 1 October 2006 at 7:20 am

Tell Me Something!

Add your comment below, or trackback from your own site. You can also subscribe to these comments via RSS.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

This is a Gravatar-enabled weblog. To get your own globally-recognized-avatar, please register at Gravatar.