Here are the steps to set your rental price to maximize your income and return on investment:
- Check comparable rental listings in local newspapers and on Craigslist. The goal would be to see what other landlords are charging for homes and apartments that match your property in terms of size and amenities.
- Obtain the addresses for similar rental properties from rental listings or by calling the number on the ads. Use that information to identify how a geographic area affect rental price.
- Consider geographic factors such as proximity to shopping, golf courses, roads, parks and schools. Renters may pay premium for properties in attractive settings.
- Network with others who own and rent property and discuss with them the rental market and how much properties are renting for given the current economic conditions.
- Use the information obtained to set a base price for your rent. Figure in a slight increase if your property has features that are not common, in high demand or not available in the comparable properties.
- You may need to lower the rent price if you receive few calls on advertised properties. Or, you may need to increase the rent price if you receive many calls on advertised properties.
We do have a Building Financial Security Through Real Estate Free Consumer Guide available by texting 503-544-8800 or visiting nhpicketfence.com.