The best way to make sure that your Booneville rental homes are leased at a competitive rate is to carry out regular market comparisons. On top of the various seasonal tasks for repairs and maintenance that property management demands, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether your tenants are long-term ones or if you’re getting your property ready for new tenants, a market comparison can help keep the profitability of your investment homes and keep the rental rates competitive with other homes in the area.
Preparing for a market comparison starts with acquiring complete information about your own rental homes. Some of the things you’ll need to know to 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 acquired all the useful information about your own Booneville rental property, you can then look at similar rental homes that are nearby. 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. 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 good news is that Real Property Management Results have professional property managers willing to help. We understand the intricacies of the rental market in Booneville and the areas around it. This means that no matter where your rental homes located, the price will always be a competitive price. Ask us about our FREE market rent assessment; don’t hesitate to contact us online or call us at 812-461-1676.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
