How do I determine the correct Rent Value for a home?

Asked by Katb, Jersey City, NJ Wed Nov 16, 2011

We are city people getting ready to make the leap to the burbs. Before we purchase a home, we want to rent one for about a year. Since many homes are listed for both sale and rent, we're seeing a big disconnect between sale price and rental price. For instance homes listed for $700-800K are listed for rent for about $3500-$3800 a month. But homes listed for sale at $500K-$550 are also being listed for rent at about the same price. The latter are smaller and not as updated but are commanding the same price on the rental market. This wouldn't matter; we would just get the best house for the $$$, but ideally we want to purchase the house we end up renting. We can afford the rent but won't be able to afford the payments on a 700K house.

Help the community by answering this question:

+ web reference
Web reference:

Answers

2
Tara Stone, Agent, Clinton, NJ
Sat Dec 31, 2011
The rental market grows stronger every day! And single family homes are in high demand...you may want to ask about a lease to purchase option. It all comes down to sacraficing some house for the fact that you are making monthly payments into the security of your future, NOT the landlords pocket. We have renters from Jersey City moving to Westfield and the surrounding area on a monthly basis...since you are already used to paying a high rental amount the move is easier and you can hop the local train to the city with ease...Best of luck and Welcome To "The Burbs" ~ Tara
0 votes
Jerry Barker, Agent, Atlantic City, NJ
Thu Nov 17, 2011
Try looking it up on http://www.rentometer.com and see if that helps you out a bit.
Web Reference:  http://www.sjrates.com
0 votes
Search Advice
Search
Ask our community a question
Rentals in Westfield Zip Codes

Email me when…

Learn more