If you want to have your Shoreline rental homes leased at a competitive rate, you should do regular market comparisons. In addition to the multiple seasonal maintenance and repair tasks, assessing market rental rates should be on your spring to-do list. These are required for proper property management. It doesn’t matter whether you have tenants that are long-term or if you are arranging for new ones, a market comparison can maintain or increase the profitability of your investment homes and keep your rental rates at par with those in your location.
Preparing for a market comparison starts with acquiring complete information about your own rental homes. Some of the things you’ll need to know include the square footage of each rental home, and the age and condition of each major element. From the roof to the appliances and everything in between, you need to have a clear picture of your rental property before you can be sure you’re doing a direct comparison to other rentals in your area.
Once you’ve gathered all the relevant data regarding your own Shoreline rental property, you can begin looking at similar rental homes in the same neighborhood. In the same way that the asking and the final purchase price of a house can differ, so can estimated and proposed numbers vary from the actual rental rates.
A solid market comparison can give you an idea of the price homes like yours are renting for, and it will help you make an informed decision whether or not to change the rate of your rent. If comparable properties are renting at rates higher than you have asked for in the past, increasing your rent can lead to increased income without losing your competitive edge. Moreover, if nearby properties are renting for less than yours, lowering your rent to keep up with theirs can easily attract new tenants and reduce the length of time of the home’s vacancy.
A market rent assessment may seem like a huge task, but it plays an important part in making sure your investment properties remain profitable. The good news is that Real Property Management Eclipse has professional property managers that can help. We have experience dealing with the rental market in Shoreline and the neighboring areas. This makes sure that wherever your rental homes are located, they will be priced optimally. To know more about our FREE market rent assessment, please contact us online or give us a ring at 425-209-0252.
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