What factors influence rent?
Here are a few categories:
Location (for ex, what town or city)
Proximity to stuff (for ex, is it close to mass transit?)
Size (for ex, number of bedrooms/bathrooms)
Amenities (for ex, washer & dryer in unit / floor / building / not at all)
Perceived Safety (for ex, eyes on the street)
General Niceness (for ex, granite counter-tops are totally a thing)
Are there other categories?
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Gas vs Electric heat/hot water/etc.
ReplyDeleteProperty Taxes
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Gated Community or not
Local homeowners association.
Duration of lease.
ReplyDeleteAbility to pay of the renter (ie, the poor are just straight up charged more)
Curb appeal (i.e. how nice the front of the building looks to someone driving by)
ReplyDeleteThis probably fits into General Niceness. D'oh.
Rent-by-comparison (market studies and adjustments based on other rental properties in the area.)
ReplyDeleteUSA: Local area median income as processed by HUD, (see also Fair Market Rents.)
Per Unit, Per Annum (PUPA) costs of operations.
Pets
ReplyDeletebackground checks, security deposits, section 8 accepted
ReplyDeleteObjective of the landlord. An elderly couple renting out the old family home with no mortgage might charge less than a multi-property owning renting company.
ReplyDeleteFor an individual city, I see it go something like this.
ReplyDelete1) Medium income of the area
2) Number of Renters seeking
3) Housing Supply
https://medium.com/@andersem/a-guy-just-transcribed-30-years-of-for-rent-ads-heres-what-it-taught-us-about-sf-housing-prices-bd61fd0e4ef9