Setting a rental rate is similar to determining a home sale list price (see this FAQ). You'll need to determine the going market rental rate for your home. Much like a home sale price, if a rental rate is set too high, you'll never find a tenant. If it's set too low, you'll rent your property but you won't be maximizing your investment.

A good real estate agent can show you what homes in the area are renting for. Another excellent, albiet low-tech, method is to simply look at the "For Rent" ads in the local paper.

Rental rates in a neighborhood don't really vary all that much. Once you know what a couple of homes have been rented for, you'll have a good idea of what you can rent your property for. Just remember to adjust for any "amenities" that your property may include such as pool or yard maintenance that other homes may not have.