Let me tell you what I do. As a long time resident of the Brightwood subdivision, (near Manor Park), and as a Realtor who also has over 30 years in property management, and I have a lot of success with obtaining great tenants at the fair market rent. This is how I assist my owners with pricing homes for rent. See below:
1. You need to absolutely pull rent comparables. In other words, you need to know what other homes have rented for in the last 6 months.
2. You need to compare the homes to ensure that you can pull homes that have the same features and benefits that you do or vice versa (i.e. # of bedrooms, # of bathrooms, same subdivision, same type of home, compare condition of homes, updates, totally renovated, well-maintained, or not updated at all, liveable sf, etc).
3. You also want to look at the amenities (i.e. backyard, fully finished basement versus one that is not finished, deck, etc.)
4. After you pull these comps and your data, then you want to see what the comps rented for. This would include # of days on market. You see if it took 90 days to obtain a particular rent price, and you need to be relocated in 60 days, then that price may not work out for you ESPECIALLY if your home is exactly identical to the one on the market for 90 days.
5. Now, look at the average rent price, the median rent price, the low rent price, and the high rent price, and see how your home compares to the homes in the various tiers, then select the price. Are you closer to the home at the average or median price point or at the low price point as you compare apples to apples between your home and the comparables.
6. Before you put it on the market, please remember to look at the homes that are CURRENTLY on the market for rent. This is your competition. This is what is happening today.
7. Also, please investigate if any homes were expired, withdrawn or cancelled due to a home not renting out for whatever the reason. These are worth considering as well especially if this activity was recent.
8. If you are able, take the time to visit some of the homes that are currently on the market for rent that are also in Manor Park especially if they are similar to yours.
Hope the above helps you with trying to come as closely as possible to charging your rent price for your home. As a side note: Please remember to obtain your Basic Business License. It is required for all rental homes in DC.
Should you have any additional questions, I would be happy to assist you. I live in Brightwood, and my children attend a school in Manor Park.
Feel free to visit my website at www.UniqcaPowell.LNF.com
Uniqca V. Powell
Brightwood Neighborhood Realtor
Long and Foster Real Estate, Inc.
202-526-7141, ext. 2427 (office)