Setting the correct rent for your property is crucial for drawing in tenants while ensuring your property remains profitable. 

Here are some strategies to help you strike that balance:

Research the Local Rental Market

Begin by exploring comparable properties in your area. When evaluating nearby rentals, focus on size, location, amenities, and condition. This research forms the foundation for determining a competitive rate. 

Thankfully, GoldenWest Management can help you avoid the struggle with researching the local market and setting the correct rent. Our team knows the local rental market, and this means you can have peace of mind in knowing that your property is renting for the correct monthly rate. 

Highlight Your Property’s Unique Selling Points

Special features and upgrades make your property stand out from the competition. If you’ve installed energy-efficient appliances, added in-unit laundry, or offered extra storage space, these enhancements may justify a higher rent. Additionally, proximity to schools, parks, and public transit can be valuable and may allow you to charge a premium.

Factor in Operating Costs

It’s vital that your rental income covers essential costs like mortgage payments, insurance, maintenance, and property management fees. A general rule of thumb is to set rent around 1% of your property’s value, which can vary based on local market conditions and your property’s unique characteristics.

Consider Vacancy Rates

High vacancy rates in your area may require more competitive pricing. Offering slightly lower rent could attract tenants faster, minimize vacancy periods, and provide you with a steadier income stream.

Monitor and Adjust for Market Trends

Rental markets are constantly changing. Periodically review and adjust your rent to remain competitive and avoid missing out on potential tenants or revenue. Staying flexible helps ensure your property continues to generate consistent income.

Using these tips, you can set a rental price that appeals to quality tenants while ensuring your investment remains profitable.

Contact Us

Tired of managing your rental property yourself? End the struggle with DIY property management! Learn more about the services that we can offer you by contacting us at (866) 545-5303 or click here to connect with us online. 

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