How COVID-19 has affected the Rental Market?
09/21/2021
- 11/14/2025
Ever wondered, staring at your rental property, “How much should I charge for rent?” If yes, then you are not alone. It's one of the most common questions landlords have, especially those renting their property for the first time.
Setting profitable rent takes more than a mere assumption. It needs thorough market research and a complete evaluation of your property, from amenities to maintenance costs, to determine the actual rent value.
This blog will provide a detailed answer to the most common question landlords ask: How much should I charge for rent? So read it thoroughly to set the perfect rent for your property.
How Much Can I Rent My House for? Essential Tips for Landlords
Here’s your complete guide for how much you should charge for rent for your property.
1. Thoroughly Research the Local Market
The most common mistake that landlords make is setting the rent without proper research. Result? The rent is set either too low or it makes your property too expensive.
This is why it is essential to have a clear understanding of what tenants are currently paying in your area. You should talk to local real estate agents or property managers to get an idea of the current market price.
Moreover, you can even check the famous rental listing platforms like TenantDen to get an idea about the current rental prices going on in the market. However, you should only focus on the listed properties that closely match your:
- Location and neighbourhood
- Property size and layout
- Type of property (apartment, condo, single-family home, etc.)
- Amenities like parking or outdoor space
This detailed market research will help you determine the right rental price and understand how to rent out your house successfully.
2. Consider the Expenses and Your Profit Goals
In order to keep your rental property well-maintained, you need to perform specific measures at regular intervals, like cleaning and repairing any plumbing or electrical issues.
The timely maintenance, of course, involves a significant amount, which you can easily cover in the rent. So, you should not just match the market price but also evaluate and consider all maintenance and repair costs in the rent.
This will help get a considerable amount of return. But make sure to include all additional expenses like
- Mortgage payments
- Regular maintenance and repairs
- Property taxes and insurance
- Utilities
Once you have added all the additional expenses to the current rental charge, you need to determine the minimum amount that you can go with. Finally, you need to add the profit margin that you wish to have. Usually, landlords aim for 5-10% on top of their costs.
3. Take Location and Amenities into Consideration
While going through the property listing platforms, you might encounter several rental properties that would be identical in terms of size and layout but still have different rents.
If your rental is also similar to such properties, you might wonder, “How much should I charge for a rental?” But such rent differences are usually observed when properties are situated in different locations and also have exceptional amenities.
For instance, a property near a school, a grocery store, and public transportation is naturally desirable and has higher rent compared to one located in a rural area with basic amenities. So your property location and amenities contribute a significant amount to the rent.
That’s why you should consider all the amenities like a city-centered location, private parking, balconies, air conditioning, and more while deciding the rent amount.
4. Examine Your Property’s Condition
The condition of your property significantly impacts how much you can rent your house for. It’s obvious for tenants to pay more for rentals that are clean and well-maintained.
And so if you desire to have a reasonable rent amount for your property, then you should invest in some repairs and maintenance work.
While timely maintenance would seem to be costly at first, it will ensure competitive rent for your property. Minor upgrades like a fresh coat of paint or improved landscaping can actually help you charge a profitable rent for your property.
5. Understand Local Rental Laws
Before deciding on the final price, it will be smart to check your property area’s rental regulations. Some cities have rent control or rent stabilization laws that apply limitations on how much you can rent your house for.
Moreover, you should also consider fair housing laws, which state that you should never adjust rent based on discriminatory factors like gender or family status.
In case you are unsure about local regulations, consult a real estate attorney or your local housing authority. This will help you have the right rent in compliance with local laws.
Final Say
Most landlords are always confused, thinking, “How much can I rent my house for?” However, setting rent is not a big science. Having the perfect balance between current market value, your property’s condition, amenities, and location, and having a perfect understanding of local rental laws will help you set the right and profitable rent.
Looking for a reliable online platform to manage and list your rental property? Look no further than Tenantden. With built-in tenant screening, transparent pricing, centralized rental management, and constant support, TenantDen becomes your one-stop solution to list your rentals with complete peace of mind.
