The suitable way to ensure that your Tooele rental homes are leased at a competitive rate is to periodically carry out market comparisons. Over and above the various seasonal looking after and repair works that property management calls for, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether you have long-standing tenants or are prepping for new ones, a market comparison can sustain your investment homes’ gainfulness and your rental rates as per with those in your area.
Developing a market comparison sets off with taking a full understanding of your own rental homes first. This will entail learning about the square footage of each rental home, and also 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.
So when you’ve obtained all the necessary information about your own Tooele rental property, commence taking into consideration similar rental homes in that same region. In the same way that the asking and the final purchase price of a house can differ, so can the estimated and proposed numbers vary from the actual rental rates.
A reliable market comparison can present to you what rental houses like yours are, at this point, renting for and will really help you figure out whether you can safely raise or drop down 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. On the contrary, if properties close-at-hand are renting for lesser than yours, slashing down your rent to match those can, more certainly, pull in new tenants and minimize the duration the home remains unoccupied.
Even if a market rent assessment may seem like a vast amount of work, it is a critical aspect of keeping those precious investment properties continually profitable. The exciting news is that the professional property managers at Real Property Management Wasatch can extend help. We know the rental market in Tooele and the surrounding territories, ensuring that despite where your rental homes are found, they are competitively priced. Contact us online or give us a call at 801-418-9835 and ask about our FREE market rent assessment.
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