Rent per square foot is calculated by dividing the rent amount by the number of square feet rented. Using the annual rental amount produces the cost of square foot per year, while using the monthly rental amount produces the cost of square foot per month. This calculation is solely for office or retail spaces. The rent per square foot calculation is different for industrial buildings.Continue Reading
Industrial units are quoted on a per square foot, per month basis. Industrial spaces also have two distinct components, known as the “warehouse” portion and the “office” portion. Each portion is calculated at a distinct rate, then combined to determine the industrial cost per square foot. The calculation for industrial rental rates is (warehouse square footage x warehouse rent) + (office square footage x office rent).
Calculating rent per square foot is more complex if the square foot of the rental space is unknown. To find the square foot of the space, measure the width and length of the unit then multiply the two figures. After calculating the square footage of the space, determine the total annual rent. This figure is typically decided by the owner of the property. Multiply the monthly rental amount by 12 to determine the annual rental amount then divide this figure by the square footage of the unit.
For example, if renting a 1,500 square foot apartment costs $2,000 per month the annual cost is $24,000. To determine the annual cost per square foot divide the annual rent amount by the square footage or $24,000 by 1,500. The annual cost per square foot is thus $16. To determine the monthly rate, divide the annual square footage by 12 or the monthly rental amount by the total square footage (16/12 or $24,000/1,500=1.33).Learn more about Real Estate
Some information a commercial lease listing commonly includes are pictures of the property, a description, price information, the square footage and number of floors and rooms of the space, location details and contact information, suggests Commercial Search. Some listings also highlight some key features of the property that make it stand out from others.Full Answer >
As with typical real estate, some things to look for when purchasing Sonoma real estate include property price, number of bedrooms and bathrooms, total square footage and the age of the property. One thing to look for specifically in regards to Sonoma properties is proximity to desirable locations, such as high-end retail stores and restaurants, entertainment venues and popular cities.Full Answer >
Prorating rent involves calculating how much rent is due in a partial rental period by multiplying the number of rental days in the partial period by the daily rental amount. This is generally done to aid in renting a property between established rental periods.Full Answer >
Rental agreements assure a number of rights and safeties for the renter, including the amount of rent, length of the rental, whether the renter or the landlord are responsible for utilities and any rules that the landlord may have, states New Mexico's Attorney General's Office. These written, or sometimes verbal, agreements can not be changed during the term of the lease unless both parties agree to the change. This ensures that neither party can change something without the other's knowledge and helps prevent illegal eviction practices.Full Answer >