To ensure that your Rolesville rental homes are leased at a competitive rate, the best thing to do is to conduct regular market comparisons. Along with the multiple tasks for seasonal maintenance and repairs that are needed for proper property management, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether you have tenants that are long-term or if you are arranging for new ones to move in, a market comparison can maintain or increase the profitability of your investment homes and keep your rental rates at par with those in your location.
The first step in preparing for a market comparison is to get all the information relevant to your own rental homes. Among the things you’ll need to know is 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.
After getting all the information about your own Rolesville rental property, explore that same neighborhood and look into similar rental homes. 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 dependable market comparison can show you what homes like yours are renting for, and it will help you in making your decision to raise or lower 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. Likewise, if the other properties in the vicinity are renting for less than yours, reducing your rent to match can easily draw interested tenants and decrease the amount of time the home stays 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 Raleigh has professional property managers eager to help. We have experience dealing with the rental market in Rolesville and the neighboring areas. This makes sure that wherever your rental homes are located, they will be priced optimally. Feel free to contact us online or by phone at 919-481-0008. We’ll be glad to talk to you about our FREE market rent assessment.
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