When deciding on a rental property, it helps to calculate the price per square foot.
Rental properties vary both in size and in price, which can make them as easy to compare as apples and oranges. Calculating the price of a rental property per square foot will make the comparison easier by showing you how much living space you get for the money you pay. The process for calculating price per square foot is relatively straightforward if you follow a basic set of steps.
Instructions
1. Ask your landlord for the size of the property in square feet. Landlords should be able to provide this information, but if yours cannot or if you want to double check the size, you can measure this yourself.
2. Measure the area of each room if you are measuring the size yourself. For a simple, rectangular room you will measure the length of both sides and multiply both lengths. For example if the dimensions of the room are 20 feet by 10 feet, the area would be 200 square feet. For more complicated room dimensions, you will need to break the room down into smaller parts and add the areas of the parts together (see Resources).
3. Add up the area for each of the rooms (including hallways) to get the total area of the property.
4. Divide the monthly rental price by the area in square feet. This will give you the rental price per square foot. For example, if the rent is $1,000 and the property is 800 square feet, then the price is $1.25 per square foot.
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