How much can I rent my house for?
We’re helping you answer that question today.
How Much to Rent a House For
You want to gather comparable data to competitively price your property. Look at other rents in the area so you can come up with an average rent. The market bears what someone is willing to pay. Do a comprehensive search on the internet, and gather data on what’s being advertised in the area, and for how much.
Property Management Sacramento: Advertised Rent vs. Actual Rent
You need to properly analyze each rent and each property you’re looking at. A professional property management company can help you understand that some owners are posting asking rents. Those are advertised rents, not necessarily the price that the home is renting for. Some owners will be getting exceptionally high rent, but that could be because they are renting to substandard tenants. Responsible tenants who pay their rent every month are going to be value shoppers. They want the best deal.
How Much Should I Charge for Rent?
Gather enough information to get an accurate average rent. Look at amenities, location, condition, and the whole range of prices. When you’re comparing properties, use a short time period. What the market was demanding six months ago might not be the same as what it is demanding now. Also, consider the radius and how much distance is between your property and the properties you’re comparing it to. You may find a home in a great neighborhood only three blocks away. But, a big dividing street can weigh into the price and make a difference.
Set Your Price and Be Flexible
Price your property high at first, and see who is coming to the showings and how many qualified applications you’re getting. If you’re getting unqualified applications, your rent may be too high, and you’ll need to lower it. So, gather all the information, compare the amenities and location, and then, properly price your rental. The market will determine if you’re right.
I hope you find a good, qualified tenant at the right price. If you have any questions about what you should charge for rent or anything pertaining to Sacramento property management, please contact us at HomePointe Property Management, a HomeRiver Group company.
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