Determining rent

I inherited a house (moms) and it has a legal accessory apartment. It's currently vacant and I'd like to lease it out to help with the bills to fix up the exterior. How can I detemine what to charge for rent?

Re: Determining rent

Look in the paper and Pannysaver-see what others are charging-I would fix it up with paint and redo the floors if they need it. I paid $1400 for a tiny 2 BD but everything was brand new and that was about 6 years ago

Re: Determining rent

If any of your neighbors have legal apts, ask them how much they charge, or if that's not viable, see what the pennysaver/yank ee trader people are offering within your area.

My BIL and his fiancee are renting an apt in 3 Village that is someone's converted garage into apt. It's 2 floors with just the BR upstairs, they have a small kitchen with EIK and a LR and a full bath next to the kitchen. The kitchen does not have a D/W, and the place does not have CAC. The owners charge them $1k, and my BL installs window A/Cs in the bedroom for the summer time, and they don't pay extra. Additionally, they don't have to pay utilities - it's covered by the landlord, but they also don't have access to cable, so my BIL purchased satellite recently.

Re: Determining rent

Thanks, I looked in pennysaver and on Craigslist. Problem is, I see studios in the area asking 1000.00, and 1 bedroom asking 900.00. Most of the listings, where it's specified at all, include all utilities, some with or without cable, some with internet.

I guess a lot of it has to do with not just the town it's in, but where in the town it's is. Probably basement / not a basement has a lot to do with it too.

Thanks

Re: Determining rent

Also..is it close to a train station, shopping , restaurants, how many bedrooms, size of bedrooms, is there a livng room and dining room and are there a/c units??

Message edited 10/7/2007 3:13:22 PM.

Re: Determining rent

I just went through the apartment search - this is what was most important to us:

- Util included (we just pay for cablevision triple play)
- A/C in the summer (landlord has a large unit for a window)
- off street parking
- minimal carpet - must be very clean or new
- lots of windows
- snow removal plan
- Kings Park/Smithtown/Commack/Hauppauge area


We ended up finding a great place -
1 bedroom (carpeted) - 14x12
1 bathroom (tiled) - not huge, but not tiny either
1 kitchen (tiled) - very large - 17-18x12
1 living room (tiled) - 16x12
All utilities included
Private driveway with plenty of room for both cars a bbq, our own garbage cans, etc.

I'll fm you our cost.
Pics in my album.

Message edited 10/8/2007 7:00:19 AM.