Hi, I’m Damon Thompson I’ve been a landlord
for over ten years and I have over five multi-unit buildings. This is, what is How Much to Charge
for Rent. How much to charge for rent? The first thing you need to do is determine how
much space you’re renting out. Is it a basement, is it a bedroom, you need to determine the
square footage. Then you want to check in your area for comparable rates of houses or
rooms that are also being rented. You want to see what they are charging for their square
footage, the amenities involved and you want to make sure that your rent is comparable
to theirs. You want, you don’t want to price yourself out of the market. The next thing
you want to do is decide how much you need to charge a rent in order to make a profit.
You know what your mortgage is on the home or land contract, you want to make sure that
you get enough money in rent, are you trying to cover the mortgage as well as the taxes,
or just the mortgage and you cover the taxes or whatever. You just want to determine that
up front because that will also give you an idea of what you need to charge for rent.
Then you also need to make sure you choose a marketable amount, you don’t want to price
yourself out of the market again check for comparable rates, make sure that the rates
are in line with the comparable sizes of buildings or units you have that are being rented in
your area. I’m Damon Thompson and that’s what is How Much to Charge for Rent.