It's The First Question That Is Often On A Home Owners Mind! More Often Than Not, It's The Market, Not The Owner, That Really Determines The Rental Market Value Of Your Home.
1. As A GeneralRule, To Determine What Your Home Will Rent For, Multiply The Current Market Value Of Your Property By .007 And Then Take Into Consideration A Variance Of Plus Or Minus $100.00 To $200.00 Based On Property Age & Condition, Location, School District, Number of Bedrooms, Parking Spaces In The Garage, Finished/Unfinished Basement And Other Amenities.
2. Another Option Is To Take The Finished Square Feet In The Property And Multiply That Amount By .85 (85 Cents Per Square Foot)
Example 1: A Home In The Denver-Aurora Metro Area Has A Market Value Of $250,000.00 $250,000.00 X .007 = $1,750.00 This Home May Rent For As Little As $1,500.00 Or As Much As $1,750.00....Or More!
Example 2: A Home In The Denver Metro Area Has 2,000 Finished Square Feet. Multiply The 2,000 Square Feet By .85 = $1,700.00 This Home May Rent For As Little As $1,500.00 Or As Much As $1,700.00....Or More!
Please Keep In Mind That This Is A General Rule Of Thumb And Not An Exact Science! The Variable Of .007 And The .85 Cents Per Finished Square Foot Changes Over Time Based On Market Conditions, Etc.
Homes In Premium Condition And Locations And In More Desired School Districts May Demand Premium Rent! Homes In Dis-Repair Will Demand Sub-Average Rent! Previewing Your Home Is The Best Way For Us To Properly Assess The Rental Value. Call Us, We Would Be Happy To Visit With You. Tenants And The Market Are Not Sensitive To What The Owner's Monthly Mortgage Is! Wish They Were, But They Just Are Not!
