How much to rent house for in Owasso (wood floors, for sale)

[briansgi]

Folks, I have my home for sale but might rent it out if I can't sell it. Just looking for how much I should ask monthly rent for? House is 15 years old, new carpet, new paint, 2650 square feet, single story, 4 bedroom, 2 1/2 bath, family room, formal living, formal dining, 3 car garage on one acre lot in a residential area. Partially fenced back yard. It's a very quiet neighborhood 3 miles NE of Owasso. It's never been smoked in and no pets have been in the house since carpet has been replaced. Owasso school district. All homes are on 1 acre lots. I asked my realtor this question and was surprised how much she said I could rent it for. Wanted to get other opinions.

[Okiegirlfriend]

I found this.

How much should you charge for home rental?

[Synopsis]

I'm considering renting out my home as well, but I am having a hard time believing that I can get a good renter. Good renters, those who would take care of your house as if it were their own, are few and far between.

BTW, that bankrate article is a great resource Okiegirlfriend.

[briansgi]

Synopsis, I have the same concerns, but I got to think if someone is willing to pay $1500+/month rent I doubt if they are the type who would trash out your house. My realtor told us we could rent our house for between $1600 - $1800 which surprised me there were people out there that would pay that kind of monthly rent, but she said there are. Many people will rent a nicer home while transferring in and they will take that one year time frame and look for a house or have one built. Perhaps a year from now the market will be more conducive for selling then it is now. I just hate renting the house after installing all new carpet/paint, refinished the wood floors, etc.

[cobolt]

I understand your apprehension, especially after putting all that work into a home. But I too tend to believe if someone is willing to pay that much for rent, they're apt to take better care of it. Remember: price the riff raff out. I know that I personally am looking at relocating and that I would rent for a year before buying a house. I've left every rental I"ve lived in better and cleaner than when I came up it. Not many of us out there, but we're there. You just have to really screen. YOu also have to expect the normal wear and tear that comes with everyday living. I would stipulate that the renters not have pets if you want to keep things nice (unless they're goldfish type pets).

[Synopsis]

You both are probably right. According to the bankrate website, my home would rent for around 1500; I sincerely doubt that anyone who could afford that rate would trash the place.

This may be a decent solution to my problem.

[cobolt]

Start on the high end, $1800 first and see wht bites you get or what you attract. You can always go down from there if need be.

[Synopsis]

Thanks. That is a good idea cobalt. One question though. Should there be a security deposit, and if so, how much?

[cobolt]

Originally Posted by Synopsis

Thanks. That is a good idea cobalt. One question though. Should there be a security deposit, and if so, how much?

I would check with your state laws to make sure there is/isn't a cap on what you can charge for security deposit. I am currently living in WA state and there is no limit as to what the landlord can charge, but not all states operate this way. It's not unusual to see security deposits that match the monthly rental amount. If I were renting out a house as big as yours is and with all new carpet, etc, I would make the security deposit on the high end. I would also be very careful and saavy about drawing up your rental lease. You kinda sound as though you haven't done this before, and if that's the case, I would consult some help on this. You don't want this to come back and bite you in the rear, and you'd be amazed at how the law tends to side with the tennant, even when they don't pay their rent and all sorts of other nonsense. Make sure you state your requirements (rent will be due on x day of every month, x amount of time for grace period, x amount in late fees if rent is x amount of days late etc) explicitly. A good lease will be just as much, if not more insurance than a high rent and security deposit.

[Synopsis]

Great advice cobolt. Thank you very much. And you're right, I have not done this before.

Regards,