For most owners, trying to accurately price your Monroe rental property can bring on an immediate headache. How do you balance wanting to earn as much as possible with the need to stay competitive and avoid longer than necessary vacancies?
The answer to that question is this: know your market and gather your data.
Remember, too, that what you can earn in rent will always depend on your property’s location and condition. While market strength and competing properties are outside of your control, you can control what your property has to offer the best tenants.
Stop guessing at what you should be charging, and take a look at these tips for pricing your Monroe rental property.
Market Pricing: Analyze the Numbers
More than anything else, you have to price your property according to what the market demands. Take a look at what you’re up against. If the market is flooded with properties like yours, and there isn’t much demand, you’ll likely have to price the home a bit lower. But, if inventory is tight and there’s a high demand among tenants for your property type, you can charge more than you might under other market conditions.
You need good data. While checking rental values on sites like Craigslist and Zillow is a good starting point, check in with a Monroe property manager to make sure you’re getting accurate numbers and the most recent rental values.
Location Matters with Rental Property Pricing
You don’t have to be a real estate expert to understand the importance of location. Everyone knows it matters.
It especially matters when it comes to pricing your Monroe rental home. You can charge more when the property is in a good school district and close to shopping, grocery stores, restaurants, entertainment, and recreation. People want to be close to work and school, even if they’re still working and learning from home. When your property is in an area that people tend to avoid, your rental price is not going to be as high as it would be in a walkable, centrally located neighborhood.
Pay Attention to Property Condition
No tenant is going to pay top dollar for a home that looks old and worn. If the paint is peeling and the appliances are older than they are, you can’t expect high rents. But, if you’re willing to make some cost-effective updates and upgrades, you’ll find that you’re able to attract better tenants and ask for more rent. Your landscaping and curb appeal can make a big difference in what you charge, and you can also earn more when you offer updated appliances, washers and dryers in units, new fixtures, and hard surface flooring instead of carpet. Take an objective look at your property and consider how a few improvements can increase your rental value.
Once you have educated yourself on the existing rental market, compared your rental property to the other available homes, and satisfied yourself that you’re offering a well-maintained, modern rental home in a good neighborhood, you should have an idea of what you should charge. For extra peace of mind, get some help from a Monroe property management company. We price properties in your market every day. We know what you’re capable of earning. Contact our team at Real Estate Gladiators.