I am thinking of renting out my current townhome and buying a house but I do not know how much I can expect to get in rent...i live in a 2,800sqft

Asked by Eric Rozenberg, 46032 Fri May 14, 2010

upscale townhome close to downtown Carmel, IN...it is fully upgraded with ALL the features like granite (everywhere) wood floors (everywhere) sound (radio/CD) throughout and free wireless service along with TONS of storage...I would need $2,000 a month in rent to breakeven...is this reasonable for Carmel, Indiana market?

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8
Marita Topmi…, Agent, Indianapolis, IN
Fri May 14, 2010
BEST ANSWER
Peaking at $1700 - $1900 so far in 2010.
I tend to agree with Joe about the extra amenities ... most of our
townhomes are newer and most have granite and hard wood floors.

We might expect to see a bump in prices for our downtown properties
after our performance art center is finished this coming January.... that is
if our economy can continue growing and creating jobs.

Thanks for asking,

Marita
Assoc Broker
Prudential Indiana REALTY GROUP
2 votes
Fred Cunning…, , 46033
Thu May 31, 2012
Upscale townhomes in Carmel's downtown can command high rents. With 2800 sq. ft. you could get from $1700 to $2000 if it has granite counters, carpet like new, a fireplace and a two car garage.

Great rentals last but a few days when priced right.
3 votes
Lola Mcintyre, , Carmel, IN
Tue May 25, 2010
Closed leased condos in the Carmel area within the last 6 months range from $1,700 (Townhomes @ City Center), $1,500 (Monon on Main), $1,400 (Traditions on the Monon), $1,300 +/- (The Retreat, Townhomes @ Hazel Dell, Townes @ Weston Pointe). Community & added square footage could affect your monthly rate possibilities.

Guilford Trails has had 2 leases posted since they were built, but information appears incomplete. One monthly rate was listed at $1,750, but could have leased for another amount (more or less), depending on lease term & pet accommodations.

There are other factors to consider, which a mortgage professional would be willing to map out for you.

I'd be happy to answer any other questions for you, including lease and/or list, whenever you are ready.

Good luck to you! :-)

Thanks,
Lola McIntyre, REALTOR
CENTURY 21 Scheetz
Twitter: @ONtheMONON & @LolaMcIntyre

(The attached web reference will give you a sample of marketing.)
Web Reference:  http://14462JeffreyCT.com
1 vote
Joe Shoemaker, Agent, Carmel, IN
Fri May 14, 2010
Town home rent in the Village of West Clay is currently closer to the $1500 per month mark for a nice 3 BR, 2.5 bath unit with attached 2-car garage. The town homes on Main are pulling about the same rent. There are simply too many available to get much higher. Upgrades mean little in a rental in terms of getting a higher rate.

Good luck!

Joe Shoemaker
Principal Broker, REALTOR®
MacDuff Realty Group, LLC
317 413.8501
joe@joeshoe.com
Web Reference:  http://www.macduffrealty.com
1 vote
pons, Renter, Indianapolis, IN
Sun May 5, 2013
where is your town home located? we are looking and downsizing from larger home.

let me know where it is located. We are looking or relocate in june/july
0 votes
Engle Jason, Agent, Zionsville, IN
Fri Dec 23, 2011
I think Lola is right, she would also need to view the home to assist in providing an accurate recommendation.
0 votes
Eric Rozenbe…, , 46032
Fri May 14, 2010
Thank you for your answers. They were helpful. I am actually just north of carmel jr. high so hopefully the completion of the art center and improved economy will bring higher rents or the ability to sell my unit without too big of a loss. I think we are just ready to own a single family home as opposed to a townhome.

To answer Don's question...I have a 3bdr 3.5 bathroom townhome with a 2.5 car garage. Thanks again.
0 votes
Don Tepper, Agent, Burke, VA
Fri May 14, 2010
Try http://www.rentometer.com

I'd plug in your data, but you didn't provide number of bedrooms or the specific location. However, in general for Carmel, that may be a bit high.

Best way, really, to know, is to contact a Realtor who can see what comparable properties are renting for.

Hope that helps.
0 votes
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