Keep in mind that you want to price your rental fairly with respect to the median or average rental rate for the area. Sign up here for your free copy today. Learn how to determine fair market rent for a rental property and also the difference between fair and current market rent. Depending on the tenant's income, the voucher may not cover the complete amount of the monthly rent. Depending on the tenant's income, the voucher may not cover the complete amount of the monthly rent. There will be a maximum amount you will be able to charge for your rental based on a number of different factors. If a landlord agrees to rent to a Section 8 tenant, the Section 8 program will first inspect the property to make sure it meets certain standards. Finding at least three properties in your area which are similar to yours can be helpful in determining the right price. To learn more about CafeMedia’s data usage, visit: www.cafemedia.com/publisher-advertising-privacy-policy. Define market rent. HUD arrives at the numbers for each area with the help of census data and through renter surveys. These factors can include: It can be very tricky to price your rental correctly. Setting the price too high can mean your property sits vacant. Or you could undercut your potential rental income, leaving money on the table. Simply click here to learn more and access your complimentary copy. Please provide a link to this page if you reproduce or publish this data. Want to Invest in Real Estate Right NOW? The condition of the property, including upgrades or amenities. Real Estate Investing: 10 Ways to Build Wealth. This isn't uncommon. If you price your rental reasonably in relation to the market for its condition, you should get tenants quickly. The Covid 19 shutdowns have impacted the rental housing market, yet prices have risen and look to rise further in the face of ongoing rental housing shortages, and a housing market that may cool. Compensation may impact where offers appear on our site but our editorial opinions are in no way affected by compensation. Every year, HUD compiles a list of the Fair Market Rents for over 2,500 metropolitan and non-metropolitan counties. It does not include non-essential utilities such as telephone, television, or internet. Several free websites let you analyze rental rates for your property based on size and location: Some websites give you an average or suggested rental rate while others let you look at recently rented or for-rent properties to assess the overall condition and comparability to your property.