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!