If your thinking of renting your house, How do You Set the Right Rent?
I know for me, one of the most difficult part of owning rental properties is setting the proper rent. Property management companies are ready to take the burden off your shoulders, but it’ll cost you. I know because I have rental properties outside of California, so I use management companies to help manage them.
For my rentals and the first place I start is the Sunday paper. I look for price ranges in the area of each home and go from there.
Keep in mind that trendy or high-traffic areas, there is a constant demand for rentals. Also, well-maintained properties demand higher rent than a property not maintained. right?
Workout facilities, pools, tennis courts, etc. all affect a renter’s decision, as will basic amenities like dishwashers, laundry facilities, fireplaces, covered parking, and cable TV.
Your local apartment owners association can help you determine local economic trends or other factors affecting rental rates. Many also have publications with advice on setting price as well as other management issues. For example, in my case, one of my rentals is in Atlanta, Georgia. They have the Atlanta Apartment Association. In San Diego we have the San Diego County Apartment Association. For San Diego go to: www.sdcaa.com
Testing and tracking is a good way to set rent prices. Err on the high side — it’s easier to lower prices than to raise them. And offer incentives when the market is soft — things like a free month of cable TV can tip the scales in your favor.
Hope this Helps. Im here for any questions, so call if you need. 619-884-8903
Make it a Great Day!!!