Are there some higher priced homes that wont rent?? What is the typical price range for a rental house in the Midwest???
Where in the midwest?
All houses will rent if the owner is willing to take a big enough loss on the rent. Could you rent a $1,000,000 house? YES! In fact, if you had one of these in my community, I’d rent it from you in a heartbeat. Of course, I can only afford about $2,500 per month for rent, so you might have to eat the difference (you’d do that for me - wouldn’t you?)
Seriously, I do understand what you’re asking. Typically, houses won’t easily rent for more than the mortgage payment on a typical house. So, if a person can buy a typical house in your area for $1,000 per month, you’ll have a hard time finding someone to rent for $1,000 per month. The exact number depends on typical mortgage payments (house values) in your area.
Hope this helps.
Mike - where are you in Ohio?
To answer the question for the post…do a google search on CB Ellis for a Rental Market Analysis. I have one of these for my area. It gives you a history of vacancy rates, avg. sq.ft rates, developing areas, 1BR vs. 2BR occupancy, etc…
There is a lot of usefull info when trying to figure out a market.