How to Determine the Rent of Your House?

Gulshan Ansari G

Introduction

Any property investment is settled with the intention of making a profit. Tenants have so many choices when it comes to rental properties, so you have to make yours stand out. This means setting the right rental price that attracts high-quality tenants and reflects the positive attributes of your property. With a little research, math and market prices, you can determine the appropriate rental price for your investment property.

When determining how much rent to charge, consider researching rental values of homes in your area and stay on top of changes in your local market to see whether rental home values are rising, falling or staying the same. Keep in mind, some cities and states have rent control laws that may limit the amount you can charge for rent. Some of the research and calculation methods will give you an idea of what to charge for rent based on your home’s size and location to make sure you’re maximizing your rental income. 

Method 1: Using Home Value

1.1% value of your house: this is a professional way to determine the monthly rent of your house.calculate

1.1% on the actual price of your house and the number that will be the monthly rent amount.

Method 2: Understand the Limitation of Using Method 1

Other considerations, such as area location, nearby amenities, design features and layout, also affect how much rent you can charge.

Try the same calculation using a range between 1.0% to 1.3%, based upon rent rates and availability of similar rental properties in the area.

Method 3: House Near by Market

consider the area and location of the house.if a house is located in a hot market area then the rent price is considerably high. Also check the other property nearby the house.

Method 4: Research Comparable House

research on a rental house similar to your house.find out and note down all comparable elements like, house exterior  and interior condition, location, area, plot area sq ft, facilities nearby, facilities inside the house, furniture facilities etc.

Once you find a comparable house in your area and the rent of it is high, keep in mind whether this house has been vacant for a long time.

Method 5: Location of the House

a house is also marked high value if it is located near a school, colleges,office,LRT-MRT station,transport facility ,hospital,market. because people prefer 1st priorities to day to day life activity for the family members and childrens.

Method 5: Available Amenities in the House

Many owners design a house for them according to their choice and then they move out from there.

This kind of house has many amenities like: swimming pool, garden area,tennis court,badminton,basketball,party area,children play area, covered parking area,water bodies,gym in the society,society cafe area facility, high security etc.

These facilities also affect the rental price of the house.

Conclusion

There are several points to consider and calculate the house rent. However, it is always advisable to consult with a real estate agent before you take any decision regarding this. Roodland India can provide you with the best service in this regard. So, why are you waiting? Drop your concerns at info@roodland.com. Our team will revert with a promising solution at the earliest

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