Trisha & Eileen have given you good information in what they have said. However, neither of them has discussed the issue of the legalities of Pennsylvania Landlord/Tenant Laws. There are legal ramifications of becoming a landlord that you need to educate yourself about. Not knowing these laws could land you in deep, and expensive, trouble legally. I am including a link to the Penna/U.S. HUD website where you can obtain some information about these laws. It is not the best web site/infomration, but can give you an idea of some of the basics. Even with that information, you would be wise to consult an attorney who is well-versed in these issues before deciding to rent out your home, not just talk with someone else who has done so. Most landlords are not fully aware of these laws, and therefore are not the best source of advice, although they can give you the benefit of their experiences.
If you will be an absentee landlord, you should make sure to use an agent/agency who are trained in property management. Most agents are not, even if they are also landlords. If you would like the names of some who are, please contact me for the information.
In any event, whether you sell or rent it out, any agent/agency you use should be one who is experienced locally, not only in your county, but also in your own local community.
I hope this has helped you.
Paula Burt, Dallastown, PA

Becky,
Trisha makes a good point. My husband and I have several rental properties and help two friends with the management of theirs. It takes a certain mindset to be a landlord!

Another consideration is that it is markedly more difficult to be an "absentee" landlord, meaning that you live in another area while renting out a home here. Also, the type of home that is best suited for a rental may not be the home you selected as a place for your family to live.

What will you do if you rent out the home and the occupants trash the place, (or even just bread a screen door, burn a hole in the deck, and put lots of little hand prints all the way down the hall and up the steps). You can end up with a home that has to be seriously rehabbed before you can sell it. Is that worth the risk for you.

If you think you will be away from the area for a year or two and then want to return to your home, then a rental may be a good idea. If so, you will need to plan to give a property management company something on the order of 6 to 10% of the rent for ongoing management. They will probably also charge to place the tenant. You will still be paying the full mortgage, including taxes and insurance.

If you have more questions, throw them back at us here on this forum or call a local professional. This requires some very careful thought and Trisha is right that you need to educate yourself before you make the decision.

I would welcome some input from the community on this: Are any of the mortgage companies insisting that the home be owner occupied? Isn't it important to let your insurance company know if you are not staying in the home? You can't assume that you have coverage for a rental if the insurance is for owner occupied, right??

Eileen;s Green Team, serving York and Lancaster

Becky,
Eileen did a good job on giving you a good idea about how much to rent your home for. Since you have never been a landlord before, you should really talk to someone who has. they can give you a good idea of what to expect and maybe even help you interview possible tenants. Make sure you have a solid rental agreement as well. You will want to educate yourself on as much as you can before you go ahead and rent your home out.

Becky,

Homes in the Dallastown area with 3 br 2 baths, listed on the MLS rental section have rented recently from 1100 to 1800.

Other homes 2 to 4 bedrooms, condos, townhomes, and detached, have been advertised as low as 850 and as high as 2500, and the 2500 one is on the list of rented home.

That's the long answer! The short answer is there doesn't seem to be much science to the rental market here. However, now that the MLS has rental listings it is not uncommon to see homes renting for an amount that comes pretty close to covering the capitol that folks have invested in them. Seems to me that the most common price range is between 1100 and 1600 for nice detached homes.

You can find rentals for somewhat less in the newspapers, but most of those are in York city, or in in downtown areas of the surrounding towns.

Eileen's Green Team

Becky, You might have fun with this....http://www.rentometer.com/
You can type in your address and get rent comparables from your area. Just something to help get a rough idea.

Best, Dunes