How Much Rent Can I Get for My House in Tampa Bay?

If you're thinking about renting out your house, the first question is usually the simplest one: how much can I get for it? The answer depends on your home and your neighborhood, but the way rent gets priced is the same everywhere. Once you understand it, you can size up a number quickly, whether it comes from a website, a neighbor, or a property manager.

What sets the rent on a house

• Location. The neighborhood, the school zone, and the commute matter as much for renters as they do for buyers. Two identical houses a few miles apart can rent for very different amounts.
• Size and layout. Bedrooms and bathrooms count most, then square footage. A third bedroom or a second full bathroom widens the group of renters who can use the home.
• Condition. Fresh paint, clean floors, and working appliances let a home rent faster and for more. Dated or worn finishings pull the price down, even in a good neighborhood.
• Features. A garage, a fenced yard, a washer and dryer, and a pool can all help. So can allowing pets, since it opens the home up to more applicants.
• What's included. Whether you or the tenant pays for lawn care, pool service, or utilities changes what the rent should be.
• The competition right now. What similar homes nearby are listed for today, and what similar homes have actually rented for recently, matters more than anything else on this list.

Why online rent estimates miss

Rent estimates on real estate websites are a fine place to start. They're built from broad data, though, so they can't see what makes your home different. They don't know that you replaced the flooring last year, that the kitchen is original, or that three similar houses on the next street are listed for rent right now. That's why two websites can give the same house estimates hundreds of dollars apart.

Use them to get a rough range, then check the range against what's actually available for rent near you.

How to check the number yourself

You can get a good sense of your home's rent in about 20 minutes:

1. Search rental listings near your home. Look for houses with the same number of bedrooms and bathrooms, a similar size, and a similar location.
2. Compare condition honestly. Look closely at the photos. An updated home down the street should rent for more than yours if yours needs work, and the reverse is true too.
3. Note how long each one has been listed. A home that rents within about a month was likely priced about right. One that has been sitting for six weeks or more is usually priced too high.
4. Set a range, not a single number. The low end is where your home would rent quickly. The high end is where it might take longer.

Why pricing it right beats pricing it high

It's tempting to list a little high and see what happens. Here's why that rarely pays off.

Say your home would rent quickly at $2,800 a month, and you list it at $2,900 instead. If a tenant takes it at that price, you earn an extra $1,200 over a 12-month lease. If it sits empty for one extra month while you wait, you lose $2,800 in rent, and on top of that, the mortgage, taxes, and other bills still need to be paid. (Here's what an empty house really costs you every month.)

A home priced right also tends to attract more applicants, and more applicants means you can choose the best qualified tenant instead of taking the first (or only) one who applies.

What can help your home rent for more

• Take care of the basics first. Fresh paint in neutral colors, a deep clean, and working fixtures make a bigger difference than most upgrades. Our rental standards list what every home needs before it's listed. And our guide to what's worth fixing before you rent helps you decide where to spend.
• Keep the outside looking cared for. A trimmed lawn and a clean entry are the first things prospective renters see when they tour a home.
• Consider allowing pets. Pet-friendly homes appeal to a larger pool of renters, and pet fees can offset some of the added wear. Our guide to allowing pets in your rental covers the pros and cons.

Can you raise the rent later?

Yes. Florida law doesn't allow cities or counties to impose rent control (section 125.0103, Florida Statutes), so rent can be adjusted when a lease comes up for renewal, with the notice your lease requires. Keep in mind that a good tenant who renews saves you the cost of a vacancy and a turnover, so a modest increase often works out better than a big one.

Deciding whether to rent at all?

If you're still weighing your options, the rent number is the piece that ties everything together. See Should I Rent Out My House or Sell It? for how rent compares to your monthly costs, and Rent Now, Sell Later if you'd like to keep the option to sell. And if your home was listed for sale and didn't sell, start with Your House Didn't Sell. What Are Your Options Now?

Get a rent price for your home

Every property is different. Our free rental analysis gives you a realistic rent range, based on your home and the rentals around it, along with anything the home needs before a tenant moves in. There's no obligation and no automated estimate.

And if the numbers point toward selling instead, Tampa Bay Rentals is part of Gold Palm Homes, a licensed Florida real estate brokerage. Our sales team at Gold Palm Homes can help with that too.