How much rent should I charge?

drummer20

Hi

I'm completely new to renting out rooms,
I've a double ensuite and a single ensuite to rent out,
both have tv/dvd player, in newly built house.
with huge kitchen/dining area(350square foot), utility room and 2 sitting rooms.

I am close to the Luas in Dublin 12 an about 15 min commute to city centre.

What kinda prices should I be looking at charging?
I would like to give an all bills included price;

20mb broadband
Digital TV
Electricity
Gas
Bins

flat rate no bills basically.
(don't want to be chasing people for gas/electricity money ect)

I'm doing this to help pay my loans (building was about double budgeted cost).

If anyone has some examples of rent they're paying or what they would expect any input is appreciated.

Also any suggestions for how I should go about choosing tenants?

The rooms should be ready for July so I'd like to have a good idea what i should be charging, what I should be looking for in tenants.

Even examples of how not to do things would be appreciated.

whizzbang

Careful, a flat rate rent will have people running the heat 24/7, it could end up costing you a lot!

drummer20

I'm not too concerned with that, I figure as I'll be living there I'll be able to keep an eye on heating costs myself.

Can just set it up to be on for a couple of hours in the morning and evening.

Also as it runs on a gas card I don't want to have to find people and get money off them every time I need to put more money on the card.

PCPhoto

D12 with or without parking ?

I would expect €450-550ish .... check daft out for something to compare it with.

whizzbang

Can the people turn the heating on in their room independently? If not then you are probably ok. So long as they don't turn it on for the whole place them selves!

drummer20

It has on street parking outside the house,
with any luck there'll be off street parking available once
I can afford to concrete the front garden.

I've checked daft and there are single rooms 250-400(not ensuite)
and doubles 380 - 600 (some ensuite).

Its a very large range and I don't want it too high and find
I've nobody or very few looking to rent.

I could price them very low to get more people interested but then
the very point of renting is to bring in money for bills/loans.

I have also thought about short term letting/hosting but
as far as I can see there is not a huge demand.

heating can be turned on it utility room,
both floors are heated seperatly and there are thermostats for each floor
and on each radiator.

so it can be turned off at the main (whole house) or highered/lowered on each floor or in a room but no higher than the thermostat for the floor will allow.

House is insanely insulated too, have only used heating twice since the start of April.
so cant imagine I'll have too much trouble.

Da Bounca

In my opinion 500 sounds a fair price for the double.
Single ensuite is something I havent really seen much of, so not too sure about that one. You'd probably be fair charging 375/400.

Looking at buying at the moment with the intention of renting a room or maybe 2 depending on what I end up with, so I'm not speaking from practical experience.

D3PO

id say 500 - 350 respectively. However in todays market people are haggling rents down

so id say adverties at 525 & 375 with a view to dropping to the above rates when you get asked to bring em down

white apples

I'd start off at

Double Ensuite - €600
Single Ensuite - €450

and if you need to drop it do so. It's close to town with parking and ensuite so there's a lot of positives. If you start too low you've nowhere to go. Do you have any pictures?

gurramok

600 is crazy money. Some double room 1beds apts are asking 850 on their own now!!

D3PO

gurramok wrote: »

600 is crazy money. Some double room 1beds apts are asking 850 on their own now!!

i know some peope are still in denial regarding house prices and rental prices.

drummer20

I've put two ads up on daft;

www.daft.ie/3527373
www.daft.ie/3526876

hopefully they'll get some interest.

The single room might be a bit pricey?

I'm trying to generate interest while not pricing myself out of the market,

600 is madness considering what places around are going for,

I'm worried my prices look higher at first glance as bills are included,

so if I dont get a few people interested than I might consider

dropping the price and splitting all bills.



all bills €29 a week also seems to be popular and by dropping the price of the

room I'd probly make more this way thats an extra ~€86 a month.

so by saying room is say 450 would bring in 536 a month.



Unfortunately I think most will look at the room price first and not take bills into account,

I suppose its good for me as it means I can make more by having €29 a week

or cover winter/summer bills appropriatly by having an even split.



But I'd prefer not to do it that way,

the other problem is i'd rather be able pick and choose the right tenants

than have it at such a price I'd have very few people interested.

SoupyNorman

drummer20 wrote: »

I've put two ads up on daft;

www.daft.ie/3527373
www.daft.ie/3526876

hopefully they'll get some interest.

House looks very nice.

If I was single and needing to rent a room I happily pay €525/pm with bills included and I love dogs...unfortunately im not either of those first two statements

I would imagine you wont have too much trouble renting out the rooms...the bills being included is a big draw (well it is for me)

Terri26

the house looks lovely! i would include a photo of the bedrooms! also if i was you i would drop the price of the rent without the bills and in the description I would add in plus 50e or whatever per month to include ALL bills. it still looks good but is cheaper when ppl but a price limitation!

Dumb

200 - 300 euro. Seems about right.

G86

Looks great, but you definitely need to put in pics of the rooms. I'm paying less for an en suite double in D7 bills covered and currently looking to get that brought down, so I think you might end up getting a wee bit less offered to be honest.

mikemac

Your house looks fantastic.
Did you design that and put in all the fittings yourself?

As said before, it needs pics of the bedroom, the more pics the better.

drummer20

Thanks for all the help,

I think dropping it to say 470 + 50 monthly for bills x,y,z

would be a good idea I'll be included in searches for cheaper places.



I'm hoping to get more pictures up over the next couple of days,

as I'm still sorting out the last few bits, painting of room / skirting mostly.

So when I get these up I'll edit the prices too.

I have had a small amount of interest, but as I've said would prefer to choose

people who I would get on with than end up taking whoever wants a room.



I am aware the prices are a bit high but I'm also expecting people to want it lessened

even if I put it at a lower price.


I did it all myself, design/fittings, everything I didn't have to hire someone for really,

I got the cheapest of everything in Ikea/B&Q.

Was on a very tight budget (which I went over by about 130%)

even visited glaziers and found out what they had lying around that had

been measured wrong or order had been canceled before I started the brick work

so that I could get glass cheap as it was stuff they couldn't get rid of otherwise.

even though its almost bankrupted me it was well worth it,

changed a 2 bed standard council house into a 5 bed 5 bath 2 rec + kitchen/dining!

Sir Oxman

Very nice by the kitchen pics - I'm originally from Drimnagh, in fact right beside Comeragh and you've done a grand job converting the old-style council house to what i see in those pictures.

They're a great sturdy build those houses!
Best of luck.