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How much rent to charge for condo?
Posted on 8/8/14 at 8:49 am
Posted on 8/8/14 at 8:49 am
So I'm going to be renting out a condo I own, need to set a reasonable rate that covers my incidentals but I'm not really sure how much to plan for.
Condo is in an established high rise building in Midtown ATL, 1 Bed/1Bath, Corner unit, etc..
The vast majority of the building is owner-occupied, so turnover is pretty low and rental comps are tough to get. There are only 4 1bed/1bath units listed now and they range from $1500 to $2000
my monthly payment is: $1080
Condo fees are: $310
for a total of about $1400
I was planning on tacking on an extra 15% to cover any maintenance, unplanned costs... does this seem reasonable?
Condo is in an established high rise building in Midtown ATL, 1 Bed/1Bath, Corner unit, etc..
The vast majority of the building is owner-occupied, so turnover is pretty low and rental comps are tough to get. There are only 4 1bed/1bath units listed now and they range from $1500 to $2000
my monthly payment is: $1080
Condo fees are: $310
for a total of about $1400
I was planning on tacking on an extra 15% to cover any maintenance, unplanned costs... does this seem reasonable?
1
Posted on 8/8/14 at 9:00 am to jso0003
Probably will not be enough to cover a big repair after the Tennant does something stupid.
Start high and if you find the right Tennant you can always give then a deal and lower it.
Start high and if you find the right Tennant you can always give then a deal and lower it.
Posted on 8/8/14 at 11:16 am to eng08
quote:
Start high and if you find the right Tennant you can always give then a deal and lower it.
+1
May not be an issue with a high value property, but charge an application fee for a background check. Cuts out the people who are more likely not to pay.
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