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How much does rent increase with extras in a rent house?

Posted on 7/11/17 at 1:41 am
Posted by shoelessjoe
Member since Jul 2006
9890 posts
Posted on 7/11/17 at 1:41 am
Have a house in neighborhood that the asking rent is $750 per month. Only extras are refrigerator and stove. This is a 2 bedroom 1 bath rent house.
Wife and I are in the process of building house and would like to get a better idea of what we should be asking per month for our home that we plan on renting out. We plan on leaving the washer dryer, stove, refrigerator, microwave and two bedroom sets with dressers and bed frames. House is 3 bedrooms and 1 bathroom. We also have central AC and Heating. Any ideas would be greatly appreciated.
Posted by Tres7139
Member since Oct 2011
770 posts
Posted on 7/11/17 at 2:10 am to
What city are we talking about here? Can't be Baton Rouge paying $750 a month or I know for a fact you're on plank Rd at the nearest meth house.

Realistically though, typically 0.6-0.8% of your home value. Look on zillow and compare homes from your neighborhood or surrounding area. It'll give you a general idea of what people are asking/willing to pay.


Edit: forgot to mention, a lot of people don't just have a washer/dryer/fridge laying around to bring with them when renting a place. 99% of properties I see include them. It's kinda shitty if you don't and will have to find that 1/100 tenant who has those items laying around
This post was edited on 7/11/17 at 2:14 am
Posted by Jones
Member since Oct 2005
90390 posts
Posted on 7/11/17 at 2:11 am to
quote:

We plan on leaving the washer dryer, stove, refrigerator, microwave


These aren't extras imo.
Posted by Tres7139
Member since Oct 2011
770 posts
Posted on 7/11/17 at 2:14 am to
Agreed
Posted by Lee to Toliver
Member since Oct 2011
5840 posts
Posted on 7/11/17 at 2:14 am to
Nobody who rents owns a refrigerator, stove, or washer/dryer. Those pretty much need to be there if you plan on finding a tenant. You could charge a little extra for furnished bedrooms, though
Posted by tigerbutt
Deep South
Member since Jun 2006
24537 posts
Posted on 7/11/17 at 2:20 am to
I rent my rent house for $950 plus utilities in Watson and it only has a stove and ac. No fridge, no washer and dryer, no microwave etc. The more appliances the more maintenance. Fug dat headache.
1200 sq ft. Much older home.
This post was edited on 7/11/17 at 2:21 am
Posted by shoelessjoe
Member since Jul 2006
9890 posts
Posted on 7/11/17 at 2:24 am to
It's in the surrounding Thibodaux area. Does the central AC and heart add value.
Posted by Tres7139
Member since Oct 2011
770 posts
Posted on 7/11/17 at 2:39 am to
It adds value but not something you can really charge extra for. You chose to have/add that so you're really not giving a tenant anything "extra"

You could charge extra for things like furniture, hard wood floors compared to carpet, updated appliances
Posted by shoelessjoe
Member since Jul 2006
9890 posts
Posted on 7/11/17 at 2:45 am to
Ok then if the house next to me is renting 750 with 2 bedrooms. How much should I ask for with 3 bedrooms?
Posted by Jones
Member since Oct 2005
90390 posts
Posted on 7/11/17 at 2:59 am to
quote:


I rent my rent house for $950 plus utilities in Watson and it only has a stove and ac. No fridge, no washer and dryer, no microwave etc.


So how do tenants work with this?

Tbh, who the hell is going to rent a place and just have a fridge to plop in your shithole?
Posted by dirtsandwich
AL
Member since May 2016
5110 posts
Posted on 7/11/17 at 3:20 am to
Lot of posters w real estate rental experience on the money board.
Posted by dawginar
Member since Jan 2012
966 posts
Posted on 7/11/17 at 3:31 am to
If the 2 br rents for 750 I would probably want 900 for the 3br. I think the beds won't add much unlike others. The renters, if career renters should have furniture. With yours they now have to pay for a storage unit.
Posted by tigerbutt
Deep South
Member since Jun 2006
24537 posts
Posted on 7/11/17 at 3:36 am to
quote:

Tbh, who the hell is going to rent a place and just have a fridge to plop in your shithole?

Considering I've been renting it for 12 years straight now it isn't hard to do when you are in an area that is desired for the school district. Every tenant has had their own washer and dryer. I use to have a fridge in it but every tenant would generally have their own and request not to use the one I had so I got tired of moving it in and out. I've had zero problems renting mine and in fact I've never had to advertise as it has always been word of mouth.
Posted by Bullfrog
Institutionalized but Unevaluated
Member since Jul 2010
56086 posts
Posted on 7/11/17 at 4:24 am to
Another way to look at it is you want to rent for at least 20% - 25% more a month than it costs you so you can put money aside for future maintenance and earlier payoff and/or cash flow.

Another benchmark I've seen is 1/100th of the property market value, plus or minus depending on condition, extras and desireability of the area. So a house worth $150,000 could have a monthly rent of $1,500, adjusted for the above factors.
Posted by weagle99
Member since Nov 2011
35893 posts
Posted on 7/11/17 at 6:08 am to
About halfway between $300 and $400.
Posted by KG6
Member since Aug 2009
10920 posts
Posted on 7/11/17 at 6:15 am to
If it's around thibodaux, you should be able to find like properties for rent to compare since it's sort of a college town. That's really the only thing to go off of. Unless it's actually out in a cane field in BFE. Not saying any place is required to have the amenities you stated, but everywhere I've been, it's pretty much standard. So I don't think it moves the price much. But 3 bedrooms is definitely a different ballgame than 2.
Posted by Barneyrb
NELA
Member since May 2016
5073 posts
Posted on 7/11/17 at 6:17 am to
I have several rental properties in decent neighborhoods and have always used the formula of $.50 per square foot and then round up or down some.

1450 sq ft x $.50 and I get $800/month
Posted by yellowfin
Coastal Bar
Member since May 2006
97604 posts
Posted on 7/11/17 at 6:18 am to
The only house I've rented lately didn't include any of that except a stove. If the house would have included fridge, washer/dryer, microwave I would have asked the landlord to remove them because I'd have had to pay for storage for mine.
Posted by johnnyrocket
Ghetto once known as Baton Rouge
Member since Apr 2013
9790 posts
Posted on 7/11/17 at 6:19 am to
I looked at what people were charging in the area. I always included fridge, stove, and microwave, dishwasher. I like the fridgiare Gallery line as my friend gives who sells and services them gives me a fair deal on this line compared to Whirlpool and GE. I do not include washer and dryer as most my tenants have these items. I get $1,500 a month on 1400 sq ft homes in S Baton Rouge decent non flood area. That price includes bi weekly lawn maintenance.

When I had apartments and duplexes in NBR. You have to included everything and go cheap on your appliances (hot point or something similar). I had tenants try to sell my appliances to the pawn shop or their friends. Depending on area I was getting $750 to $800 (longtime elderly tenants $550 to $600) in Redoaks while section 8 was paying $1,500 for Similar units not updated. Section 8 tenants will usually leave your place trashed and not worth the extra money.
Now before I sold my units I paid $50k a duplex. The newer landlords are or were buying them for around $100,000. I feel these places peaked in value at $100,000 as Redoaks is a war zone now. Mine were also paid off and I was making a good return on my investment until the hurricane Katrina refugees destroyed the area.
This post was edited on 7/11/17 at 6:21 am
Posted by tigersownall
Thibodaux
Member since Sep 2011
15279 posts
Posted on 7/11/17 at 7:37 am to
850. Where about? Big yard? I'm always on the look out for a new place to live. Is it in schriever?

Is your name John shaver by chance?
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