What Can I Rent My House For? Property Management Advice in Salem
Mendell Gosnell - Monday, February 12, 2018
What can I rent my house for?
This is the second most asked question that we get from owners and investors. The answer to this question is – it depends. It depends on the market, and it is location-sensitive. Even one neighborhood to the next can be different within the same city when it comes to pricing. As soon as you cross a river or even a creek, the prices can change.
Location and Amenities
In an area of similar houses and apartments for rent, there are some things that affect the amount of rent you can expect to get. Curb appeal and amenities are important. Your price depends on whether you have a dishwasher or granite countertops, fresh paint, and a fenced backyard. You need to have the latest and greatest amenities that tenants can’t live without if you want to rent for more money. That might be a pool house or a common area. Tenants want to be close to parks and near good schools. That’s always a consistent driver of the rent you can get for your property.
How Much Can You Rent Your House for? Professional Management
A good property management company will drive a lot of value for you. We can stay up to date with current market trends. We rent a lot of units on a daily, weekly, and monthly basis. We know how prices are moving, and we can maximize your value and get you the most rent possible. We like to find the best tenant in the least amount of time to pay the most rent. It’s a balancing act. You can try to get the top dollar or you can ask for market rent. If your property is vacant for a prolonged period, you’re incurring opportunity costs and the additional costs of maintaining the home and keeping the utilities on while it’s vacant. Renting in a timely manner is important.
Determining Your Rental Price
A lot of different sources can help determine what the best rental price is going to be. You can check Craigslist and Zillow for comparable properties, and look at yard signs in the area, which might include price. At Centurion, we do all of that and we have proprietary software which gives us insight into the rent amounts in the area. We pay for information from various associations and firms that track the local markets, and we rent a lot of units. That tells us what properties we should be comparing yours too. We quickly know what the range is going to be.
If something is clean, safe, and habitable in a good location and not renting, it’s probably overpriced. You should also check your marketing. Have a good ad and great pictures. Put it out on several different sites. These are all factors to take into account when renting out your unit and setting a price.