Hi all,
I'm a relatively inexperienced landlord and could really use some help. I'm trying to learn how to best determine the "market rent" of my property. It is a single family home, 800 sq ft heated, 2 bedroom/1 bathroom/carport on a good size lot (75' x 127') in a nice location/neighborhood in west Saint Petersburg, Florida (5 min from Gulf beaches). We currently live 1 block away from this rental property, and we bought the rental property with the intention of building a new home for our family on the lot within the next 5-10 years, so this isn't a pure investment property and I have no hope of covering the 10 year mortgage payment plus taxes/insurance with rent, all I can expect is to get what the market will pay. But, we'd like to pay off the rental property mortgage before we bulldoze the house to the ground!
So, my question to you landlords is, what sources/data do you look at in determining the "market rent" to ask for your property? Do you look at the newspaper classified ads, call around to other rentals in the vicinity, query the Multiple Listing Service, look at HUD data, etc.? What source do you place most importance on?
Thanks for any tips you can provide. Last Sunday's classified ads suggest that $875/mo may be about right, but I'm wondering if I should look at other sources? Any advice appreciated.
I'm a relatively inexperienced landlord and could really use some help. I'm trying to learn how to best determine the "market rent" of my property. It is a single family home, 800 sq ft heated, 2 bedroom/1 bathroom/carport on a good size lot (75' x 127') in a nice location/neighborhood in west Saint Petersburg, Florida (5 min from Gulf beaches). We currently live 1 block away from this rental property, and we bought the rental property with the intention of building a new home for our family on the lot within the next 5-10 years, so this isn't a pure investment property and I have no hope of covering the 10 year mortgage payment plus taxes/insurance with rent, all I can expect is to get what the market will pay. But, we'd like to pay off the rental property mortgage before we bulldoze the house to the ground!
So, my question to you landlords is, what sources/data do you look at in determining the "market rent" to ask for your property? Do you look at the newspaper classified ads, call around to other rentals in the vicinity, query the Multiple Listing Service, look at HUD data, etc.? What source do you place most importance on?
Thanks for any tips you can provide. Last Sunday's classified ads suggest that $875/mo may be about right, but I'm wondering if I should look at other sources? Any advice appreciated.