Jay Z.: I'm not sure where you came up with the $500, but I personally don't feel putting a random number up will help the owner. You may have more information not listed here and if that is the case, I apologize.
Marissa: Determining what to rent your land for requires a number of factors:
• What do you NEED to generate? Is that reasonable?
• What are similar properties leasing for?
• What kind of return will a tenant be able to generate from the land?
From these numbers you will need to step back and determine what seems reasonable. The most accurate approach would be to hire an appraiser or broker to assist you with the analysis. This small fee upfront could greatly assist you in the long run. I hope this helps.
I want to point out these are my personal opinions and I do not guarantee their accuracy. Have a great day.
Oct 25, 2011