4 min read
January 21, 2020
Thinking about putting your house up for rent but have no idea how to price it?
In the past most landlords would use an agent to list their rental property on the MLS, as well as run comps to figure out what the current rental rate needed to be. With so many new services that allow landlords to list their rentals for free the MLS has less and less data when it comes to rental amounts.
So what is a good way to figure out what your house could rent for?
A tool we use and love is Zillow: https://www.zillow.com/rental-manager/price-my-rental/
Below I will show you how to figure out what your house could rent for.
Go to website above and enter your address in the top toolbar
The top section will give you a “rent zestimate” which is not always the most accurate number. This number is determined by averaging houses and apartments together in the vicinity to come up with the number shown. Unfortunately there are too many other factors not used in this method that can affect value. Apartments offer different amenities and houses offer different levels of updates. All of these play a major part in what potential rent could be.
So the next thing to do is scroll down, narrow the search and take a close look at the comparable properties. Unclick the boxes that say apartment, condos, and townhomes so that you are comparing similar properties.
After you have done that, scroll down further and look at the properties that are left. Determine which is closest to your house on size, bedrooms, bathrooms, garage and finish out.
This will give you a potential amount you could rent your house for. At the end of the day the market will determine the final price, but it’s always good to have a handy tool to get a general idea of your homes rental potential.