How Much Can You Make Renting Your Home?

Renting out your home has its perks, but what you can charge varies drastically based on these key factors.

A home with a For Rent sign out front
(Image credit: Getty Images)

With interest rates continuing to rise, you might be wondering if it's a good time to rent out your home. And if you're going to rent it out, how much can you make?

Homeowners who locked in a low 2% to 4% interest rate on purchases and refinances before the Federal Reserve began its rate-hiking streak have less incentive to sell their existing homes nowadays. The average interest rate on a 30-year fixed mortgage now sits at 6.81% as of July 27th, 2023, the most recent weekly data.

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National Rents By Unit Size, June 2023
Unit SizeMedian RentRent Change Year-Over-YearRent Change 4 Years
1 Bedroom$1,630-0.7%24.5%
2 Bedroom$1,945-1%27%

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Seychelle Thomas
Contributing Writer

Seychelle is a seasoned financial professional turned personal finance writer. She’s passionate about empowering people to make smart financial decisions by combining 10 years of finance industry experience with solid research and a wealth of knowledge. Seychelle is also a Nav-certified credit and lending expert who has explored money topics such as debt consolidation, budgeting, credit, and lending in her work for publications including GOBankingRates, LendEDU, and Credible.