Whether you are new to real estate investing or a long time owner, you find yourself faced with the challenge of pricing your rentals competitively. But how do you determining what rental price you should ask for your property? If you ask too much you may not be able to lease it as soon and will loose income monthly. If you ask too little in rent you may not attract a lower profile or renter and leave money on the table due to your below market rates.
Ellis HomeSource solves this dilemma because we know where to start. We assess your owner objectives, your rental property condition and location, and what the current market will bear. Thus we can get you the best possible rent for your property, along with qualified renters. While many people would love to have an investment rental home to lease, it can be a real headache if you don’t treat it like a real business. And if you don’t have professional property management.
Adding up your cost of ownership is not the right answer in estimating the rental price of your property. A competitive rental price first reflects the prevailing rents, and determining a fair and competitive rental rate for your property can be the most important step in attracting future renters. Ellis HomeSource does these evaluations:
Compares rents from MLS, various other listing services, internet sites and publications.
Check the square footage, number of bedrooms and bathrooms.
Check all the extra amenities like attached garages, swimming pools, spas, etc.
Check on the marketplace rents at the end of the lease term to see if a rent increase is warranted.
A Rental Rate Assessment requires a market study to determine the current market rents, demand-supply conditions, assessments to the movement of rents over a period of time, and the properties idiosyncratic characteristics. Ellis HomeSource Property Management is proud to provide our experience and resources for the assessment and the profitability for your investment.