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!
