How would we determine an appropriate rent to charge for my 4 bdrm, 3 bath home in Highland Park?

Asked by Danielle Silverman, Chicago, IL Wed Aug 8, 2012

We are located , just east of Deerfield, so kids would attend Deerfield Schools. We are at the end of the street, near a park, with almost no traffic or noise.

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5
Edith Karoli…, Agent, Winnetka, IL
Fri Aug 10, 2012
Style of home, size of home, up dates and upgrades, the location and the properties on the market currently for rent, that are competing with yours all are influencing what you can put your property
on the market for rent.

Remember that there are more renters out there than ever before, and there is always some risk involved with renting a home, in the sense that it may not always be rented, once one renter moves out, it could be empty for a while before you find another qualified renter.

Take that in consideration when you do your calculations.

Your own financial situation comes into play as well, what do you want to cover with the rental income, remember you will pay taxes on it......

If as a Realtor I would know your address, size and upgrades of your home, and what you are
including in the rent, i.e. lawn care items like that, I can e-mail you comparable rental properties
in Highland park and surrounding areas if need be. Feel free to contact me directly.

Take care...
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs,
the fine homes on theNorth Shore, and many of the W and SW suburbs,
and with her trusted Partner Agents all of the US and worldwide properties.
Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093
EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com
Check out my website at htttp://www.tinyurl.com/MeetEdithHere
HAVE THE MOST WONDERFUL DAY :)
0 votes
Jorge Abreu, Agent, Highland Park, IL
Wed Aug 8, 2012
If your home is currently listed for sale as you stated, you should discuss this with your broker. He/she will best know your home and situation and will also be able to provide comps and a rental price. Agree that it is a very hot rental market right now.
0 votes
John Walin, Agent, Libertyville, IL
Wed Aug 8, 2012
Danielle
here is a direct answer to your question. I copy pasted MLS info on HP zip code 60035 for 4BR/3BA homes and the range goes 2700-3500 depending on schools fed into and condition. I went back 6 months to what actually rented and include all 4BR/3BA Sorry lost formatting and i tried to make this readable, you can Google the MLS number that startss with 08XXX.


1 08069696 ACTV 2787 Fort Sheridan Ave 35 $2,800 8 4 3 1 Story Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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2 08112242 ACTV 3431 Buena Rd 35 $3,500 11 4+1 bsmt 3.1 2 Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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3 08119715 ACTV 1425 Sheridan Rd 35 $4,500 11 4 3.1 2 Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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4 08101022 ACTV 2091 Old Briar Rd 35 $4,575 10 4 3.1 2 Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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5 08105777 ACTV 1189 Crofton Ave 35 $4,995 10 4 4.1 2 Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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6 07990627 ACTV 3062 University Ave 35 $7,500 11 4+1 bsmt 4.1 2 Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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7 08128172 CTGO 936 Central Ave 35 $4,200 13 4+2 bsmt 4.1 Townhouse 3+ Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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8 08132346 NEW 1029 Auburn Ave 35 $3,200 8 4 4.1 3 Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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9 08132035 NEW 433 Hillside Dr 35 $3,500 9 4 3.1 2 Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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10 08011947 RNTD 64 Green Bay Rd 35 $2,700 9 4 3 Split Level Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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11 08099728 RNTD 2979 Lexington Ln 35 $2,600 9 4 3.1 2 Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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12 07991960 RNTD 467 Barberry Rd 35 $2,500 9 4 4.1 2 Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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13 08057778 RNTD 1882 Sunset Rd 35 $2,900 10 4 3 2 Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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14 08093321 RNTD 155 Roger Williams Ave 35 $3,200 9 4 3.1 2 Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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15 08027295 RNTD 3546 Patten Rd 35 $3,350 8 4 4.1 Townhouse 3+ Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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16 08113570 RNTD 3544 Patten Rd 35 $3,200 7 4 3.1 Townhouse 3+ Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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17 07985868 RNTD 861 Driscoll Ct 35 $3,700 9 4 4.2 2 Stories Close connectMLS Tax (Brief)Realist Tax ReportRealist Tax MapListing & Property HistoryAdd To Favorites
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0 votes
Randy Schule…, Agent, Saint Charles, IL
Wed Aug 8, 2012
Danielle,

If you'd like to call me to discuss I can help you determine an appropriate range. Your home is in a very desireable area. My services may include listing your home as a rental property on the MLS in order to gain maximum exposure.
0 votes
Thanks for both the direct information and the data to support it. Is there something I should consider beyond the potential rent I could receive (i.e. down-sides)?
Flag Wed Aug 8, 2012
MARY JO FIOR…, Agent, Lake Forest, CA
Wed Aug 8, 2012
I would need to check out your home and then look at some comps in the area. I can tell you that rentals are HOT right now.......
Look forward to hearing from you,
Mary Jo
0 votes
I am trying to determine if renting would be a worthwhile consideration financially, so I don't know if this option would even be viable for us. Currently, we have our home listed for sale, but it has been a year and the # of showings seem to indicate a sale is not likely.
Flag Wed Aug 8, 2012
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