It is a fairly good rental market right now. Many people are "in the market" to rent because they either cannot afford to buy, or they used to own, but now they have to rent.
I encourage you to consult with a local Realtor and a tax professional about the pros and cons of renting. We have owned rental property for years and it is important to know in advance what your options might be at the conclusion of the rental period (say, if you decide to move back in, or perhaps sell).
Having been through this the hard way, trust me, it is better to ask questions and get as much advice as possible BEFORE you move forward.
As Monique mentioned, rents can vary a lot depending on condition, location and size. Glendale rents have held up pretty well over the last couple of years. Before you decide on a rental amount for your home it is a good idea to have a Realtor give you comparable rents. Owners are often able to rent their house out themselves because there is a relative shortage of rentals in Glendale. Websites such as Craigslist help a lot. If you don't have access to credit checks yourself, Realtors can often provide that for you.
One new consideration is a change in the tax law signed by President Bush on July 30.
Old tax law: You had to live in a house 2 of the last 5 years to qualify for the $500,000 exclusion from capital gains.
New tax law: Same thing with one addition: You are liable for taxes based on a prorate of how long you have rented it vs. how long you have owned it. So, if you have owned a home for 5 years and rented it out for 2, you are liable for taxes on 2/5 of the profit.
Moral of the story: talk to a Realtor for the rental value of your home; talk to an accountant for the financial aspects.
Dilbeck Realtors, GMAC
2943 Foothill Blvd.
La Crescenta, CA 91214
I am thinking $2200 to $2500 would be a good price for a house unless it's in an exceptional part of Glendale. If you need tips on where to list your house try Westside Rentals or Craigs List are great and make sure to include lots of photos. I also do leases for property owners. The fee is 3% of the annual lease X 2 (for each side tenant and owner for 1 year). BUT you will also get exposure on the MLS. In order to determine a price I would have to see it and know which area it is in. I have a client looking for a house in Glendale so please email me with more info and let me know if you are considering listing it with an agent or are willing to pay a commision. That being said the price is probably $2200-$2500 per month unless it's in a high end part of Glendale.
The Reavis Group