When setting a monthly rental rate, there is an equation to follow if you want to make a lot of money with the least effort. Establishing the rental amount without vacancies is crucial to making a profit. The major factor that will influence the rental price is location. If your house is close to a major transportation venue, such as a subway, city bus, or train, you collect a higher rent. However, if there are many more units for rent in this same area make sure your rental price is competitive. If your home is in a less than ideal location, you will have to lower your rate to attract tenants.