Rental prices are primarily market-driven, so the first step in determining how much to charge for rent is to look at the monthly cost of comparable properties in the area. For example, rental property in a popular neighborhood will generally have a higher rent than a property of similar size in a less desirable location.

Here are some tips to help determine a fair monthly rent:

Contact other local landlords or realtors to see what they are charging
Look up rent costs with the Multiple Listing Service or Zillow
Check newspapers or Zillow to see what is already on the market in your neighborhood

Keep in mind the economy, local housing market, location, and property condition can also impact what is considered fair market rent.

Other factors to consider when determining what to charge include square footage, number of bedrooms, number of bathrooms, and size of yard/lot. Don't forget to take into consideration the costs that you as the owner will incur, and determine upfront what the tenant will be required to pay. These costs can include homeowners association fees (if applicable), water and trash, landscaping, utilities, or your annual property insurance premium. If you plan to cover the cost of these items, you may want to increase your monthly rent amount to avoid paying out of pocket.