To ensure that your Big Rapids rental homes are leased at a competitive rate, the best thing to do is to conduct regular market comparisons. On top of the required property management tasks such as seasonal maintenance and repair, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether the tenants you have are long-term or if you’re preparing for new ones, a market comparison can see to it that your investment homes stay profitable and keep its rental rates in line with those in your location.
The first step in preparing for a market comparison is to get all the information relevant to your own rental homes. You’ll need to have information for each rental home; information such as the square footage as well as 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 Big Rapids 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 estimate 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. The reverse is also true; if the properties in the neighborhood are renting for less than yours, lowering your rent to be more competitive can make it easier to attract new tenants and reduce the duration of the home sitting vacant.
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 excellent news is that the professional property managers at Real Property Management Investment Solutions can help you. We have experience dealing with the rental market in Big Rapids and the neighboring areas. This makes sure that wherever your rental homes are located, they will be priced optimally. Ask us about our FREE market rent assessment; don’t hesitate to contact us online or call us at 616-419-8880.
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