Rental Property

I am looking for information on leasing property.

I would like to lease out some very unique structures that have two floors with a space of 10 m by 10 m for a total of 200 m^2. What would the market price for such a structure be? Additionally, do people collect rent weekly or monthly? Are there scripts to monitor prim usage?

Any information provided would be most appreciated.

~Ulrika~

Hi Ulrika I hope you don't mind me jumping in your thread but I didn't want to create a duplicate as I was about to post same type of question.

and another one would be is there some sort of automated system for renters to come to your unoccpied house/plot... click on a renting-object and automatically pay and rent the place with automatic payment collection or stuff like that?

I would think any amount of m2 rental value would depend not only on how nice the plot/house looks like but also what the neighbourood and views are like.

While you can see a list of places for rent in the find menu in-game I wonder if there is a list (maybe from LL?) of current renting value per sim per m2?

Cheers

Urika-

I have no idea what the market price on the structure would be. My sister & I have been in the rental business in SL for a long time BUT we really haven't gone out & checked what's out there in a LONG time.
We collect rent weekly (although allow advance payments for those who would like) this way their's no major commitments from the tenants unless they want them.
I do not know of any scripts to help count prims. I was talking to someone a long time ago about that but nothing ever came of it. What we do is set the land to group & whoever rents from us needs to be in the group & wear their group tag when they place their objects out (otherwise items get auto returned) All Structures, landscaping etc would be by the owner & only tenant items would be set to the group. When we were doing apartments (we now do individual houses on their own parcels) we would calculate the prim allowance & the number of apartments so say 10 apartments with a 200 prim limit would be = 2000 prim limit for the set group. (we were generally full) So we would check & see if the group set prims were above that number. If they were we would go apartment by apartment counting up prims. Anyone over would be notified & their overage returned. I can't begin to tell u how much easier & better indivdual parcels is.

Good luck

Malana

when you say separate parcels do you mean having the land devided? or just limited by eye or some type of fence...
If you devide land in parcels will you lose on Traffic Count?

The other thing I would like to understand is how well a land lord can do with traffic bosnues... like if you have tenants and visitors that do spend enough time on your land... and maybe an area with tringo or other games... would traffic bonuses pay you back (in who knows how long ) for the cost of buying Tringo or other attractions?

Would cheaper rents (to make it easier to have plots occupied) make you gain enough-more on traffic to off set the lowred rents?

10x10 with two floors sounds like you just hollowed out a cube and split it in two.

You can't monitor prim usage. No doubt SL keeps it this way because they don't want people renting out land.

Ulrika and others,

I would think $250 mo. would be a reasonable price for this structure and size. I charge less, about $150-200 to be competitive. To give you an idea, in malls, space of that size would go for much more, like $300-500 and with less prims that you could get by owning land, or renting on a land parcel of a certain size per se, as distinct from a floor in a mall.

I usually give 117 prims if not more for that size, people need it, but in a mall, you might get as low as 35 for that size.

blaze, it is possible to monitor prims. You ask the tenants to set their items to the group. You have parcels of land which they rent, and you can click on the land and see the prim usage for that parcel. Being in a rentals group entitles people to draw on that group's prims, and that usually means they get a bit more prims because there is often an empty lot or a commons, as we do it. Of course, it does require some manual work sometimes determining whether someone is over by clicking on their structures.

I use rental boxes that the tenants can click on automatically and pay one week or more rent. The box tells them the size of the space, their rent, their amount of prims, and the refund fee. It creates an e-mail message to send to me for accounting. When it expires, I also get an e-mail. The box also tells the renter how much time they have left.

I find many things that mitigate against entrepreunerial activity in the game, from Linden to player attitudes and lack of sufficient advertising mechanisms, but I don't sense that the Lindens "don't want you to rent land." To be sure, it isn't an automatic function clickable on your land parcel, but you can easily use rental boxes and use land groups. It works find for many people. All the malls are structured on the concept of rending space for vendors, and that *is* land to some extent.

I have made a point of providing the service of renting land parcels per se because that niche seemed available. It means heavier client contact and administrative work but I'm glad to do it.

Well, in my experience what you charge should depend largely in part to what you are offering. People are willing to pay if they are well satisfied with the arrangement & how you handle everything. When we made ours we made them according to what we, ourselves would be willing to live in. Try to be as fair as we can about prim limits without crippling ourselves, & we try, as much as we can, think about the convenience of our tenants when it comes to paying, easy ways to see how many prims they are using, etc...

Even having lots of parcels on many sims all in one rental groups, the dwell created from the entire batch isn't more than say 40 points per member per week. It's a nice little bonus but doesn't offset the cost. If you have events, it can increase but dwell never seems to pay off given the effort expended. I don't think you could offer lower rents for traffic gains.

Hi,
where can I get one of these rental boxes for free or to buy?

Thanks

Ask hank ramos, he sells a system for this.

-Adam

I always calculate what my monthly cost of the land and prim usage is.

Example:
Someone on a $25 per month tier gets 4096 m2. If your land is the maximum size your tier allows; it costs you $0.0061 USD per meter per month. (L$ 1.526)
If you want to rent based on meters used, you would need to charge at least L$ 781.25 / month on a 512m2 lot to break even.

Often its not the actual land size but the prim usage that you need to charge for. Using the same $25 per month tier as above, that would allow you 937 prims. That is $0.027 USD per prim per month (L$ 6.67). In order to break even on a 100 prim rental you would need to charge L$ 667.02 per month to break even.

After evaluating those numbers for your individual situation, you can make a better decision as to what you want to charge.

Yes. I charge 400 L$ per week per 1024sqm for normal land, which comes close to Schwanson's calculation. People charging less do it for fun and often shut down once fun turns into work.

Yes Anshe is right... for a 1024 m2 I wouldn't be able to charge less then about $400 per week. When you take into account the cost to buy the land in the first place plus the tier fee and some maintancce work and mayeb the need to buy some tool like rent boxes etc...

Charge less and you would be looooooosing money probably ending up having to sell the land to avoid going bankrupt

Just to keep the data flowing; I'm renting a space where I've got a 110 prim usage for $200L a week. It's an automated space with a pre-built structure. It's in a townhouse formation (so it's not a mall type space).

that also fits in with what has been discussed so far I think,

512 m2 give you a maximum of 117... so you should be within that braket and L$200 per week fits in with what
Schwanson Schlegel said: "
If you want to rent based on meters used, you would need to charge at least L$ 781.25 / month on a 512m2 lot to break even."

cool

Basically all land that I have set for sale is also available for rent at 400 L$ per 1024sqm. Only need IM me and I take off market and put rentomatic for you.

And just one note: if you "own" e.g. 4096 sqm of land, then you pay 25$ per month tier fee to Linden Lab. That is almost same amount as you would pay to me in rent. For smaller pieces renting from me is even cheaper than "owning" and paying to Linden Lab. And this despite fact that you don't even have to buy the land in first place.

Why is that possible?

Because I can use arbitrage of full region land tier to keep price very low

I respectfully disagree with this statement. My impression of Linden is that they support any form of free enterprise as long as it is a positive influence on the economy (i.e dolalrs changing hands frequently).

My curiousity with rentals is what kind of turnover rate is there? Is it a mixed bag between longer term residents and transients who stay in a place only long enough to get acclimated to the area. And, if it is the latter, are the marketing channels in SL effective enough to keep a steady stream of bodies in the pipeline.

Thanks to everyone for all this wonderful information!

A question for Anshe or others who know the answer, is there an open-source rentomatic around? I'm in a group project where revenue needs to be automatically split between a land lord and my group fund. Additionally, it needs to also send a summary email to our server so we can monitor our funds. I modified an open vendor and am hoping to do the same with a rentomatic. All changes will be released as open source.

~Ulrika~

I still use that of Moonshine Herbst. It worked very reliably and is inexpensive.