LMCP_Hall Association

Setting Rental Rates

To set your hall’s rental rate, assess the building’s minimum operating cost and research its fair market rental value.

Minimum Operating Cost:

▪ Average three years’ worth of operating expenses to find the average annual operating cost ▪ Divide by 365 to find the average daily cost ▪ Divide by the property’s square footage to find the average daily per-square-foot cost ▪ Multiply the daily per-square-foot cost by the square footage being rented and the time frame to find your minimum operating cost

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