Rent per square foot calculator
Find the rent per square foot of a rental unit: its monthly rent divided by its square feet. Enter the rent, the size and the market rate per square foot from similar units nearby. The results show the rent per square foot per month and per year, the rent the market rate supports and the gap between the two.
Your results
EstimateRent per square foot, per month: $1.50
- Rent per square foot, per year
- $18.00
- Monthly rent at the market rate
- $1,980.00
- Market rent less your rent, per month
- $180.00
- Market rent less your rent, over 12 months
- $2,160.00
- Your rent is $180.00 a month under the market rate you entered: $2,160.00 over 12 months.
- Compare units of a similar size, location and condition, with the same utilities and amenities included in the rent.
Results are estimates for planning only. They are not legal, tax or investment advice, and they apply no state or local rules. Check your lease, your local laws and a qualified professional before you rely on a number.
How rent per square foot is calculated
Rent per square foot per month = monthly rent / square feet; per year = monthly figure x 12; rent at the market rate = market rate x square feet
Divide the monthly rent by the unit's square feet to get the rent per square foot per month. Homes and apartments are usually quoted this way. Commercial space is usually quoted per year, so the calculator also multiplies the monthly figure by 12.
The market rate comes from units like yours. Take a few nearby listings or recent leases of a similar size, condition and type, divide each monthly rent by its square feet and use the middle figure. Multiply that rate by your unit's square feet to see the rent it supports.
Rent per square foot is a starting point. Smaller units usually rent for more per square foot than larger ones, and location, condition, parking, outdoor space and the utilities included in the rent all change what a unit can charge. Use units that match on those points before you set a rent from the result.
Worked example
A 1,200 square foot two-bedroom apartment rents for $1,800 a month. Three similar units nearby rent for about $1.65 a square foot a month, so that is the market rate you enter.
- Rent per square foot per month: $1,800 / 1,200 = $1.50.
- Rent per square foot per year: $1.50 x 12 = $18.00.
- Rent at the market rate: $1.65 x 1,200 = $1,980 a month.
- Market rent less your rent: $1,980 - $1,800 = $180 a month.
- Over 12 months: $180 x 12 = $2,160.
The rent per square foot is $1.50 a month, or $18.00 a year. At the market rate of $1.65, the unit supports $1,980.00 a month, which is $180.00 a month above the current rent.
Frequently asked questions
How do you calculate rent per square foot?
Divide the monthly rent by the unit's square feet. A 1,200 square foot apartment at $1,800 a month rents for $1,800 / 1,200 = $1.50 a square foot a month. Multiply by 12 for the annual figure, $18.00.
Is rent per square foot monthly or annual?
Both are used. Homes and apartments are usually quoted per month, and offices, shops and warehouses usually per year. The calculator shows both, so check which one a listing or report means before you compare.
What is a good rent per square foot?
It depends on the market, the property type and the size of the unit. Smaller units usually rent for more per square foot, so a studio and a three-bedroom in the same building can differ a lot. Compare a unit with similar ones nearby, and treat the result as one input next to condition, amenities and demand.
Which square footage should I use?
Use the livable floor area: the finished, heated space inside the unit. Leave out garages, unfinished basements, balconies and outdoor space unless the units you compare count them too. The same measure on every unit is what makes the comparison fair.
How do I find the market rent per square foot in my area?
Collect current listings and recent leases for units like yours nearby, divide each monthly rent by its square feet and take the middle figure. A local agent or property manager can help with recent leases, which show what tenants actually agreed to pay.
Bill the rent you set, every month
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