Keep Your House as a Rental
Have you considered buying another house and renting your current residence? Have you wondered how much cash flow you would get but aren't sure how much you could bring in for rent?
Determining a rent price is very similar to determining the value of a property. Ultimately, the value of a property and the rental cost are what people are willing to pay for the property. Finding comparable houses that have been rented out is the best way to determine a rent price for you home.
Finding Rental Comps
If you are planning on using a property manager, contact me to give you recommendations. You don't need to read further because they can do most o the leg work for you.
If you want to manage your own property, finding rental comps can be difficult. There is not a good system used in this area to keep track of agreed upon rental prices. What you can do is check what people are asking for in your neighborhood and/or in similar homes nearby.
Anything in the MLS will be listed on my website.
You may be able to find a few additional resource on Zillow
Craigslist will likely have a lot of different advertised rentals.
Local property management groups can also be a useful resource. Check out the following local property managment web pages:
Mountain Valley Management
Finding the Average Rental Price
You'll want to take the average or median price amount from the group of similar homes you find. Depending on your situation, you could begin advertising the house at the higher end of the rental price range and see the responses you get. Ultimately, you will want to be very selective when choosing a renter. It's best practice to contact their past 3 landlords to learn about evictions, property destruction, or failure to pay on time.
If you want to discuss this further, or help in finding comps, contact me at: (540) 246-9067.