- 1). Compare your house to other similar rental units in the area. Find out what other owners are charging per month or per week for their rentals on websites like Craigslist, Apartment Guide, and other classified listing websites in your area (see "Resources" for an example). Check your local newspaper's classified listing as well.
- 2). Search the Department of Housing and Urban Development's Fair Market Rents database to get an idea of what the government believes are fair market prices for rentals in your area as an alternative (see "Resources" for the link).
- 3). Use an online rental comp search service to find common rental rates for your area as another alternative (see "Resources").
- 4). Set your initial price based on similar listings. Start at the lower end of the asking prices of similar listings when deciding on your own rental price.
- 5). Take note of the special features in the home and factor them into your rental price. For instance, if the rental unit has a jacuzzi or a deck, you may be able to add $20 to $50 per month to the rental price if the renter is partial to these special features.
- 6). Consider the conveniences you're offering the renter as a part of the package when determining your final rental rate. For instance, if your rental unit is a room that includes free Internet, cable, and phone service, consider how much the renter would have to pay if he signed up for these services on his own. Television, Internet and communication packages cost around $100 or more per month---even if you charge half of that in addition to your base rental fee (as determined in step 2), that could be a draw for a renter.
- 7). List your final rental price on an online classified listing website to gauge interest. If you don't get many replies at that rate after a few weeks to a month, reduce the price slightly and re-post. Keep modifying the price down until you start to see interest.
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