Rental Basics in 80218>Question Details

Cekoh612, Home Owner in Denver, CO

how should I price my rental?

Asked by Cekoh612, Denver, CO Fri Dec 23, 2011

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16
Robert McGuire’s answer
Cekoh612,

Work with an experienced Listing Broker to do the 'right' comps of similar rentals in your area. The 'sold' comps are the ones to which you should give serious consideration. There will be a price range to consider at that point. Depending on how motivated you are will determine how far up or down the scale of that range you want to list the home. The higher go generally will mean more time on market and can sometimes backfire by people waiting for a price reduction or eventually submitting a 'low ball' offer. Good success to you with your sale.

Robert McGuire
Realtor/Consultant
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
Direct – 303-669-1246
http://www.theRobertMcGuire.com
1 vote Thank Flag Link Thu Apr 26, 2012
It is not a science it is an art... We do this professionally and would be glad to help If you want assistance or just advice. Have a great Xmas, Denver Real Estate Moguls.
1 vote Thank Flag Link Sat Dec 24, 2011
Great question there are several good answers below. One quick suggestion if you have not worked with rentals before... i would highly suggest a broker to rent it for you. They will get the top dollar... BUT more importantly they will do all the brain damage things that will drive you crazy including fixing a leaky faucet to a blown hot water tank at 2 in the morning... Just saying... its not as easy as just collecting a check, and dealing with personalities.... oh also... what if they don't pay??? They are a great middle man that will put your mind at ease and help you to sleep not to mention look out for your best interest fo not a much $$!!

Thanks!
Not a rental broker
Darrick Gilliard
0 votes Thank Flag Link Thu Nov 21, 2013
Check ads around your neighborhood and price accordingly. But then you have other questions...how do you check to make sure your tenant applicant is all they say? How do you protect yourself and your investment property? How often and when do you enter it without frustrating tenant? Hint: i enter mine twice a year. A good property manager can help you price your rental and protect your investment.
0 votes Thank Flag Link Tue Nov 19, 2013
It depends on the square footage and whether the property is in a residential property or in an apartment house. A 1BR, 1BA apartment can be rented for $850 and that same sized unit in a house would probably rent for about $100 more. A studio rents for around $650.
0 votes Thank Flag Link Fri Nov 8, 2013
Hi Cekoh612:

Just one more note. Rentals are not like for sale listings. Sellers want to price very carefully so that their house does not stay on the market for a long time, which send a message something may be wrong. Renters, especially in the current market, come and go very quickly and rarely track the history of your offer. So you might want to start advertising just a little bit on the high side to see if anyone takes your offer. Then, in a couple weeks, drop down a bit if you have not rented. This is especially true if rentals are going quickly in the area.

Best,
Ron
0 votes Thank Flag Link Tue Dec 27, 2011
Check comps in the area. you may also list it for free on our site. Good luck
0 votes Thank Flag Link Mon Dec 26, 2011
Hi Cekoh612:

The best way to start is to find out what the competition is renting for in the same community. I would take a look a similar rentals being offered through websites like Trulia, Hotpads, Craigslist and Rentals. Unless there are few rentals in the area, you will start to see an underlying pattern based on size, bedrooms, year built, condition, etc.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
Days: 303.981.1617
Evenings: 303.473.1926
ron@rovtar.com
http://www.rovtar.com
0 votes Thank Flag Link Mon Dec 26, 2011
Call me at 303-332-7344. Chances are I have rented a property near yours.
Tim Ghaemi - Realtor
0 votes Thank Flag Link Sun Dec 25, 2011
Simple answer: Price it in line with comparable rental properties.

So, how do you find out what comparable properties are renting for? Some will be listed on the MLS, so a Realtor can help you with that. Many aren't listed on the MLS. So look on Craigslist. And there are a number of automatic calculating sites mentioned already. I particularly like http://www.rentometer.com

One thing you don't want to do is take into consideration what your expenses are. That's because renters don't care. Whether you bought the unit 6 months ago . . . . or 5 years ago at the top of the market . . . . or 20 years ago doesn't matter. What matters is what comparable properties are renting for today.

When you look at the MLS listings, the ones on Craigslist, and the automatically generated ones, you probably will have a pretty good idea of where to price your rental.

Hope that helps.
0 votes Thank Flag Link Sat Dec 24, 2011
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Find out what other similar homes in your neighborhood are rented for and you got your price. The next step is to listen to potential renters feedback. If you hear "is the price negotiable?" a lot or "that's too much"... well, then it's too high and you need to lower it. Best of luck!
0 votes Thank Flag Link Sat Dec 24, 2011
I have a rental right now that I am looking to lease/sell in 80218 so I have a decent pulse on the rental market there. Feel free to give me a call if you would like to discuss and I can provide you some market feedback I have been receiving. Thank you.
0 votes Thank Flag Link Fri Dec 23, 2011
Cekoh612,

There is a sight called http://www.rent.com that you can use to compare. Also check all similar properties near you. Call the owners and property management companies and ask them questions. Best of success.

Robert McGuire ASR
Realtor/Consultant
Your Castle Real Estate
1776 S. Jackson St. #412
Denver CO 80210
0 votes Thank Flag Link Fri Dec 23, 2011
Great question. Another website I like because it's easy to use is http://www.rentometer.com.

I wish you well
Aloha
Jaryd Takushi
0 votes Thank Flag Link Fri Dec 23, 2011
Hi Cekoh612!

If you wanted to price your rental yourself, I would suggest checking out comparable places on Craigslist or Rentals.com. Get a feel for what other landlords are asking and perhaps even take the time to go preview a few places. Capitol Hill/Cheesman is a very popular area with tenants, I'm sure you won't have a problem finding a renter IF you price the home right and advertise correctly.

If you'd like to save yourself the time and the hassle, you could always hire a Realtor to do the work for you. I'd be happy to help! I offer various services for landlords and have a great success rate. Give me call if you decide you need help!

Marina Jensen
303 908 9117
Web Reference: http://www.MarinaJensen.com
0 votes Thank Flag Link Fri Dec 23, 2011
Rental market is very strong, so you can price your rental slightly higher knowing there is strong demand and limited supply. For pricing my rentals I see how other rentals located in the neighborhood are priced. I check Craigslist, Padmapper and also call "For Rent" signs. If I don't get any calls within 3 to 7 days of advertising my rental, I know I am priced too high and will reduce the rent.

Good Luck,
Nina Kuhl
Cherry Creek Properties, LLC
303-913-5858
0 votes Thank Flag Link Fri Dec 23, 2011
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