What is the rental value of my house?

Emiller1115
Other/Just Looking
Greer, SC

Answers (1)
Don Tepper
Agent
Fairfax, VA
FIRST ANSWER

You'd need a Realtor to do a CMA to really determine that.

You can do a rough approximation by looking on Craigslist for similar properties in Greer. If you can find 5 or 6 pretty similar properties, you'll probably end up within about 10% of the true figure.

In most areas of the country, there's a relationship between the sales price/value and the rental value. Problem is, that relationship varies from area to area.

For example, where I live houses in the $400,000-$600,000 generally rent for about 0.4%-0.5% of the sales price. So a $500,000 home would rent for roughly $2,200. As the price goes up, the multiplier is smaller. As the price goes down, the multiplier is higher. About 15 miles from where I am, you can buy a property for $100,000 and rent it out for $1,200 a month--resulting in a multiplier of 1.2%.

Still, without knowing the value of your home, your area multiplier, or comparable rentals, it's impossible to say what your home would rent for.

Hope that helps.

Sat Oct 24 2009, 15:14

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