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