So, you're wondering how much money can I get for my property if I decide to rent it out? But that's a really good question, and the way that you determine how much you can rent out your property for is very similar to the way you price a home. So, it is very market-dependent.
So, the first thing you really wanna do is study the rental market and what's going on in the neighborhood that you're trying to rent in and see what are the market dynamics in that neighborhood? So how many rentals are available? What's the average cost of the rentals that are available, that are similar to yours? You really wanna look at other rentals that are very similar to yours. So, they need to have the same number of bedrooms, same bathrooms, approximately the same number of square feet or around the same range and determine how long they were sitting on the market before they were rented so that you know where to price your rental.
Now, similar to pricing a home, if you price a rental just below the market value, it's more likely that you'll get an offer quicker or a renter quicker. And if you price it at the higher end of the rental market, it's more likely that it will sit on the market a little bit longer and you may have to negotiate with your potential renter.
Now, one tool that I love to use is called www.rent0meter.com. It actually pulls other rentals for you automatically. It does cost after you do more than a certain number of searches, so you might have to pay for it if you do wanna keep using that tool. But you can always pull other rental comparables in your neighborhood if you're looking on places like Zillow, and then we have data also that we can use to show you a little bit about what properties are renting for, if they're listed through the MLS.
So, you really need to think about the market dynamics, check on what's going on in the market first to determine how much you can rent it for. And the second thing you need to do is look at comparable rentals to your property and see how long they're sitting on the market. Make sure that they have the same sort of stats as your home to determine what you can actually rent your property for. If you have any questions or want to know what you can rent your property for, don't hesitate to reach out. You can always call, text or direct message us. Don't forget to follow us on social media. If you like videos like these about real estate and what's going on in the Seattle market specifically, don't forget to subscribe to our YouTube channel. We'd love to have you follow along. Thanks for tuning in, see you next week.