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bergen county, I would say about 2K . Most 2 bedrooms are going 1500 so its higher , I would put it at over 2k but under 2500K. Why do you want to rent the house? Where are you going to live? I thought you wanted to buy a home? I guess I am confusing you with someone else. I am going to go to NJ MLS and hit the rent button and see what they are going for in MP. I will be back.
I would say $2000. Maybe $2200 if the house is newer/larger or has more amenities than most other similar houses. Don't go too high, or you won't get any prospects.
I shared a house in Waldwick (almost identical socioeconomically to neighboring Midland Park) in a 3BR, 1 full, 2 half bath, 1 car garage house with two other roommates for several years. When I moved in '05, the rent was $2400 total. One guy moved when I did, the other moved the next year when he couldn't find decent roommates to replace us. The house has been empty for 2 1/2 years. The house wasn't bad, but it was right next to Route 17 too. We all thought $2400 was too much, and since the house has been empty for so long, I guess others do too.
I'll just add some food for thought. I rented my home out a few years ago when I didn't want to sell but I wasn't living here. I hated having people live in "my home." I had left a couple of pictures hanging in my half bath and god knows how, but they managed to break one. Along with overloading an electrical circuit which caused damage to the breaker, not to mention the wires they had run even though it was in the lease not to. Then there was the "normal" wear and tear on the carpet. In 8 months they had done so many minor things to the home I asked them to leave. Luckily they did. They weren't bad people I just wasn't cut out to have someone living in my home. It's different when you own property for the purpose of renting in my opinion.
Second thing to think about is the economy. I know people as well as reading it right here on the boards, that are getting laid off and they aren't able to pay their rent. If mortgage payments for the home you are considering renting is dependent on the rent be careful. It's always a risk but definitely more so now that in the past.
One last point. You have to convert from a homeowners policy to another type (I forget what it's called) It was much more expensive then my homeowners and I didn't even have contents to cover any more.
I'm the pessimist in this case. Hopefully you'll hear from some optimists.
I agree with hrjersey, it becomes a hassle especially if you are not living nearby and can keep an eye on the situation.
Granted there are some tenants who will treat the home as their own, that is what you have to look for, get good references if you decide to rent it out. You can also work with a real estate agent, there is a fee, but it can make the going a little bit easier.
One other thing but I am not quite certain on this is the mortgage, I think you would have to change the mortgage, again I am not certain. I rented out my home in Brooklyn many years ago before I moved to Jersey.
It's best to sit down and balance out what you would be receiving in income against what would be going out in expenses. Don't forget Uncle Sam, because you will be getting more income, they will want their share.
We sold our house in October and decided to rent for a year, as we are re-locating in the Fall. We looked in BergenCounty and found there was an incredible amount of garbage for rent. It took us awhile, but we eventually found a 3 bedroom, 1.5 bath in Bergenfield (near the Knickerbocker CC) that had been totally re-done - new windows, siding, hardwood floors, kitchen, baths, etc. Rent is $2,500 - had looked at enough to know that was a fair price. I would guess Midland Park would be similar. That being said, the realtor told us our landlord hadturned down 2 other people because they had lousy credit scores - it apparently took her quite a while to rent. Hope this helpsl
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