reasonable rate to rent extra prims?

I was wondering what was considered a reasonable rate to rent extra prims?

The situation is mainland rental parcels, where additional prims are available from parcels that are not being used.

For example, if rental is L$210/week for a 512 sqm parcel with 117 prims, roughly how much more should be charged for an additional 60 prims?

$L 210/117p * 60p = $L 107.69

But that's charging a FULL rate, as if they were getting both prims AND land.

Of course, you can always charge exactly what the market is willing to bear -- if someone's willing to pay it, then it's an OK price, perhaps.

I was just wondering what "usual" rates were -- when I was chatting with somebody, and suggest 50% of the rate you just quoted (i.e., in this example, L$54 for an extra 60 prims), they said it seemed "high".

Any other experiences?

Speaking as a landlord all of my tenants get extra prims because I think 117 is a bit too low. I charge 250, the same as I did when they still had 117. I did give them use of the land as well but it's such a weird shape none of them ever use it. I gave out an extra 30 each I think. If I were to give out 60 I think maybe I would charge 300?

Charging 250 means it takes 40 weeks on a rough average to recoup the cost of buying the land if I give 117. If I give 177 for 300 it would take 50 weeks which is fine with me.

SL is a game. I am a landlord because for me that is part of the enjoyment I get from being here.

It takes so long to get back what I pay for the land the only way I could ever make any kind of profit would be to sell the land, the renting bit does not give much return on what is spent by the landlord for a very long time.

Sorry Ged I'm rambling a bit

Starting from 210 I would charge 250 if you are giving extra prims to an existing tenant. To new tenants I would ask 270 to 280.

[EDIT] I didn't explain. There are good and bad tenants. Some stay for a week so I have keep advertising the same plot which is a pain in the wassname, some are late with rent, some need to be evicted and the list goes on. All of my tenants seem to be longer term than a couple of weeks so life for me is easier and they all pay on time .. I want to keep those tenants that is why the increase for them would be less.
I would charge below market rate. That gives those who don't have much of an income a chance to have a home I also find that tenants are more likely to stay longer term if they are getting a good deal.
[EDIT]

Andrew

Just calculating this alternative suggestion:

base: L$250 / 117 prims = 2.14 L$/prim
extra: L$50 / 60 prims = 0.83 L$/prim

0.83 / 2.14 = 39%

In fact, the 39% would be lower if you used L$270 or L$280, "bonus" for "good renters" (too complicated for me to try to charge separate rents though; I'll likely just have a fixed scale.)

So, this turns out to be charging ~39% of the "land + prims" rental cost. My first guess of 50% is higher than yours, but less than Desmond's suggestion of 100%.

Thanks -- I'm getting a better sense of "ballpark" numbers.

Incidentally, you sound like a decent person to rent from.

If you can propose a way that the landlord could provide you with those extra prims without incurring the full expense of the land tier that would be required to support it, then perhaps a reduced rate would be justified.

Actually, if you know, tell me first, and we can both get rich.

I don't see how any of the rental prices mentioned here can even pay for the land tier. So you will never earn back the money you invested in the land. Maybe I should sell all land I own and come rent with you?

Heh, don't worry, I'm not a (complete) idiot.

See my original post:


I have an full Sim mainland rental community (now fully rented), and set aside a number of parcels as "Public Park" or "Protected Land" (analagous to LL's Protected Land).

All rental parcels get the "usual" 234 prims per 1,024 sqm.

But, the "Protected Land" areas will NOT be using their full prim allowance, and so these prims could be made available to tenants. (Also, conceivably, I might not use all of my OWN prims, on my parcel, so I *could* rent those out too, if I chose to give up the right to use them).

So, now, I'm just trying to get a sense of what's "reasonable" for making availble this rather small number of "extra prims" to tenants.

I didn't think anyone would care about these details, but the last 2 posters are obviously too observant, LOL.

You can consider the following 'opinions' or 'resident answers' depending upon how much you think I know about all this stuff...


First off: Look at pricing in a radically different way.

Consider what it will take to keep your sim afloat during times of personal burnout. Residents *need* you to be prepared for this or their land is as good as gone.

Yes, that's right, you now have a responsibility to not take your ball and go home anymore - it may not seem like much, but just wait a while.

Sims are 'hot' for about 6-8 weeks, then the new sim smell is gone. Traffic will cool, cool, cool, cool off until about the 60-90 day time period. Then - guess what, people will leave.

Why? Because some got into World of Warcraft, because some want to build something without worrying what their neighbours think, because some are just wanting a change of atmosphere.

So you've got a shakeout - and what happens is this: your waiting list, or your current residents will quickly fill in the empty areas.

If you are lucky, it will be the waiting list. If it's present longtime residents, what happens is this: you end up with maybe 6-8 relatively wealthy people in the sim over time - that's all.

The longtime residents will love it, but rather than 'community' what you will have is a dead quiet residential sim. People will remember the 'old magic' and lament the 'good old fun days' but rarely equate the loss of community to the fact that they bought out all their neighbours!

So... now what? You will be holding the financial bag for maybe less than ten people you hardly see any more, and this I guarantee: at least two tenants will hate each other with a dark passion usually reserved for psychological study. You will be inbetween them and their one-stop shop for inflicting the rules on each other.

Now how does this relate to pricing? Here's what you need to do. Make sure that when the situation boils down to something this absolutely ridiculous, you can stay afloat at levels as low as 50-60% occupancy.

This kind of pricing will take a huge amount of stress off you, as you can no longer be strongarmed financially by a militant problem resident with a lot of land. You need this, your other residents need this, it's just a good good thing all around.

So... how much do you need to stay afloat at say, 50% occupancy? 195 USD/mo. So a full sim should make about double that before tier. Let's just call it 400 USD/mo.

So 400USD/mo * 266 $L/USD / 15,000 prims is about $L 7 per prim a month.

Or about $L 1.6 per prim a week.

That makes 60 prims about $L 95 a week. You are charging more than that, so you are nicely in the safe zone.

My logic here may sound like a big circular story, but if you are looking for reasonable rates the way to do it is to know what risks you are likely to run.

Also, in this is something key to the spirit of your project: many little things can shape your sim's community dramatically. Lot size and pricing being critical factors.

So what? Prim usage is tied to land. Just because they don't get a specific plot laid out doesn't mean that the owner is not deprived of the full use of some other plot of land. If you pay a certain amount per prim, why not pay the same rate?