Renting my condo.

Asked by Beth Kirchner, Norfolk, VA Thu Jul 25, 2013

I own a 2 (large!) bedroom, 1 bathroom, ~1,500 sq. ft. co-op condo. It has on-site laundry (personal washer, 2 shared dryers), and a personal garage. I would like to rent it, but I'm not sure how much I can rent it for. It is located on Meads Road; 3 miles north of ODU, 3 miles south of Norfolk Naval Base, very good location! The co-op fees are $515/month which includes everything (even heat), except electric (a.c. uses electric), internet/cable. Keeping this fee in mind, I would like to ask $1,300/month, which would include the $515 so renters would only be paying electric, cable/internet out of pocket. Is this too high, too low???

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Doug Knack, Agent, Norfolk, VA
Fri Jul 26, 2013

Probably not a lot to high, if at all, allowing that most utilities are included. That number can be verified.

One limiting factor, I know some co-op allow renting, most don't. I expect you confirmed you can. But do you have the same limiting factor that you had when buying, the board has to approve the tenant? Any limitations will limit the market, so one needs to take that into consideration when renting.
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Jack Blake, Agent, Virginia Beach, VA
Fri Jul 26, 2013
I am familiar with the co-ops in that neighborhood & would be happy to run a comparative analysis report for you at no charge. Just call me or text the email address you want the report sent to.
Jack Blake-REALTOR
Judy Boone Realty
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Steve Parsons, Agent, Salisbury, MD
Thu Jul 25, 2013
Check out other rentals in the area and see if your price is comparable. If your price is too high, your potential renters will go to your "competitors", if it's too low you may be stuck with that price from your tenant for a year.
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