HOW TO SET THE RIGHT RENT- Have you ever wondered if the rents you charge for your rental units are in line with the marketplace? Does it take a long time to rent up your property or does it rent in a day? The worry, of course, is if you have more phone calls than you can handle, you may have priced the property too low. If you have no calls, maybe youre units are priced too high. How do you find the best rates?A good place to start is to look in the local Sunday paper. Notice that the classified section is divided by geographic area. Location is the most important guide to value for a renter. The same 3-bedroom, 1-bath house will rent for $500 in one part of town and $750 in another. Most people look for a location close to work or close to schools for themselves or their children. Many people also want to live in hip or trendy neighborhoods or in neighborhoods where they grew up in, close to friends or family members. Older renters like to live close to shopping and medical suppliers, like doctors or hospitals. Some renters want to live close to major arterials or freeways to speed up their driving around town. Every city and town has a different rental patterns, and in many cases those patterns relate to geography. You have probably heard of the West Hills or the south part of town or the Northwest neighborhood. Sunlight drives value. The brighter the area and the better the views, the more motivated people are to live there. The income or budget of the renter will also drive the decision of where to rent. Most tenants have limited funds and at the same time they have needs they want to fill with those funds. Some tenants want a swimming pool, some want a specific neighborhood and some just want a small studio while others need more room. In many areas square footage of the rental will drive the rental value. In other words, the bigger the apartment or house, the more money you will get.
Posted on: Fri, 24 Jan 2014 19:03:44 +0000
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