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Hello All~
Is there a price per square footage calculation when pricing your home for rent in Morrisville/Cary?
How would one price a single family home with a square footage of 1,650 in Morrisville? Would I take the 1,650 sf and charge say $0.75 sf, I would rent at $1,237.50 +/- per month? Is $0.75 a sf too low??
Would I need a realtor to check comps on rentals, if any, in the neighborhood?
I have means to screen tenants, credit/background check capability, I'm at a loss for fair market pricing though.
Comparative market analysis. If you are renting it yourself, check the locations you would look to find properties for rent and see for how much other similar homes are renting. (presumably this would also be where you would advertise it) If you can afford to leave it vacant, advertise slightly higher than the other comps, if you want it rented immediately, advertise it lower.
Any per sq.ft. value calculations would be dependent upon what similar properties are renting for, quality of house, location, amenities, location. Smaller places would generally have higher costs per sq. ft. than larger places all else being equal.
Yep, it all depends on comps. In my neighborhood, folks are renting out 900 square ft houses for $1000 a month, and when they're vacant they only stay that way for a few days. 1/4 mile away, I can find a 1200 sq ft rental for $700 a month.
Just remember this when you come up with a price that you need to make sure you're covering the mortgage, property taxes, escrow, lawn maintenance (if the tenants aren't responsible), pest control, and a healthy reserve for repairs. Count on spending at least $1000 a year for things like plumbing, etc, and know that every 5 years there's going to be a nice $7500 or so expense for something like foundation work, new roof, or AC.
just share a little of my experience. My last rent is in a fairly nice location of Morrisville. It is in Cary/Morrisville area and just next to Cary twin lake community. The location is very good, safe, easy to get around, good school(but the good school capped, you need to work on it to get in).
It is a single family house(looks like a town home though) a little over 2000sf and the rent is $1375/month. I believe the new post is $1399/month. We moved out b/s we purchased a house within the walking distance.
I rent it through the owner. He put ads either on craiglist or other list. The new ad he put on is 'hotpad'. Anyway, it is rent out again. Just share some resource with you.
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