How do you figure out avg rental $ amount for your area? (real estate, rentals)

[fierce_flawless]

Do I need to consult a real estate agent?

I have looked online for homes in my area for rent, to see what they're renting for, but I haven't found much at all available that is comparable in size.

I see houses around with for rent signs so I can call about those, but overall I'm trying to figure out what we could expect to rent our house out for if we chose to do so.

I know that we probably won't do it for a year or more but I'm still curious. Should I just ask a real estate agent? I've found many are clueless about my neighborhood though and think it's "bad" or whatever.

The house is a 3 bedroom, 1 bath with eat-in kitchen, large dining (that we use as a living area), and smaller front "parlor", big front porch, built around 1916, and fully fenced yard (well it would be by the time we rented it, right now it's missing a section) with gated driveway, shed, 2 huge pecan trees, and a covered back porch as well, and exterior freshly painted right before we bought it. Approximately 1200 sf. Window unit a/c, gas and electric heat (your choice, lol), and gas water heater and cooking. I was thinking between $700 and $800. Any guesstimates?

[ShaneSA]

Depending on the neighborhood, it could go for 900 to 1200. It also depends on the market in a year. the current economy has driven rentals up. In a year it may be more stable and be down somewhat. In any event, a house like that ought to be about 1000, give or take. the area itself and the street it is on make a difference. Only my guess. I have rentals and price them according to what the market will bear.

[fierce_flawless]

Originally Posted by ShaneSA

Depending on the neighborhood, it could go for 900 to 1200. It also depends on the market in a year. the current economy has driven rentals up. In a year it may be more stable and be down somewhat. In any event, a house like that ought to be about 1000, give or take. the area itself and the street it is on make a difference. Only my guess. I have rentals and price them according to what the market will bear.

Thanks!

I am thinking that if anything, the neighborhood will drag it down some. It's not a bad neighborhood but many people still think it is. It has a leftover bad rep. I'm sure you know what I'm talking about... as Mahnke park had a bad rep for years...

The main difference is, my area isn't all fixed up and pretty yet. It's safe though,and close to downtown, and close to UTSA downtown campus and OLLU and St. Mary's....

Mind if I DM you for some specific questions about renting out a house?

I'm not looking to get rich by any means... I am more concerned about getting AWESOME tenants who won't trash my house than I am worried about money, but I have to cover the mortgage payment and at least end up with a little extra over that to put back for emergency repairs and such, right?

[ShaneSA]

I'd enjoy helping. Mind you, I am not a professional, just experienced. Some good, Some bad. More good than anything. Renting out a house can be stressful, but an asbestos butt cover is the best protection.

[Tim Barnett]

They are right. It depends on the area. You could see what everything else is going for then get a good idea of where to start for pricing your own.

[fierce_flawless]

Originally Posted by Tim Barnett

They are right. It depends on the area. You could see what everything else is going for then get a good idea of where to start for pricing your own.

Thanks. What do you think is the best way to find this out? That's the thing. I wasn't able to find much in my area using the usual sources (Craigslist, Realtor.com) and when I drive around didn't see many whole houses for rent at all, just split units (multi family tri-plexes or whatever).

[sapphire]

The best way is probably to hire a realtor and pay them for their research on your neighborhood and your house. Moderator cut: inappropriate

[dweej]

Originally Posted by fierce_flawless

Do I need to consult a real estate agent?

I have looked online for homes in my area for rent, to see what they're renting for, but I haven't found much at all available that is comparable in size.

I see houses around with for rent signs so I can call about those, but overall I'm trying to figure out what we could expect to rent our house out for if we chose to do so.

I know that we probably won't do it for a year or more but I'm still curious. Should I just ask a real estate agent? I've found many are clueless about my neighborhood though and think it's "bad" or whatever.

The house is a 3 bedroom, 1 bath with eat-in kitchen, large dining (that we use as a living area), and smaller front "parlor", big front porch, built around 1916, and fully fenced yard (well it would be by the time we rented it, right now it's missing a section) with gated driveway, shed, 2 huge pecan trees, and a covered back porch as well, and exterior freshly painted right before we bought it. Approximately 1200 sf. Window unit a/c, gas and electric heat (your choice, lol), and gas water heater and cooking. I was thinking between $700 and $800. Any guesstimates?

FWIW, we've been shopping around for rentals, and I think what might be a negative is that you only have 1 bathroom. That might bring down the rental price a little. The two sites I've been using to search for rentals are realsa.com and rentallsa.com. Maybe those could help you find more comps? If someone is very broad in their search, they can rent a place with 4 bedrooms, 2 baths, maybe a pool, a bit farther from downtown for about $1175. Those are the kinds of places we were mostly looking at. Oh, and it's important to us for landlords to allow pets, so if you're flexible on that, you'll have more tenants to choose from. Good luck!

[jules07]

Originally Posted by Tim Barnett

They are right. It depends on the area. You could see what everything else is going for then get a good idea of where to start for pricing your own.

HE LIVES!!!!!! Amazing!!!! Where ya been, buddy?

(sorry fierce, for going off-topic for a sec )