You are about to move on to greener pastures and are looking forward to living in your new home, but you still have the old one to think about. Or perhaps you have purchased another home and fixing it up for prospective tenants. Either way, being a new landlord sounds great, but there's a problem: how much should you charge for the monthly rent? There are a few things you should consider before deciding on your rental price.

Location

The first three things you must always consider when figuring a rent amount is "location, location, location." Consider what attractions and benefits are near your rental. Are there good schools close by or a major university? Is there shopping, public transportation and churches? Think about all the area has to offer. For instance, if your home is in Temple Terrace, Florida, it is convenient to the University of South Florida, Busch Gardens, large golf courses and the Museum of Science and Industry. All these bring up the property value and the rental prices.

Amenties

How many bedrooms does your home have? How many bathrooms? What is the square footage? What kind of amenities are you offering? You must consider all of these things before deciding on a fair rental price. Look at listings for other properties in the area of your rental, find those with amenities like your home, and see how much they are renting. There are services available online that will tell you approximately what the going rate is in the area of your rental home. However, rental rates online are often very generalized, so use them as a basic idea as you factor in the perks that your individual home possesses.

Calculations

Write down the rental rates in the neighborhood of your rental home, what you think is fair based on your home's amenities and what the Internet quotes you. Average these to find your base rental price. Don't forget to include a one-time deposit in case a tenant damages your home. Also, decide if you want to charge first and last month's rent. Charging the last month's rent will prevent you from loss if your tenant decides to leave unannounced.

Source:

Rentometer.com: Online Rental Rates