Plotting for a market comparison starts with collecting complete facts about your own rental homes first. You’ll need to determine the square footage of each rental home, in addition to 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.
As soon as you’ve gathered all the statistics regarding your own Garner rental property, set off checking the same rental homes in that same site. In the same way that an 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 strong market comparison can display to you what houses like yours are presently renting for and assist you in deciding whether you want to add-on to or cut down on 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 other hand, if nearby properties are renting for lower than yours, decreasing your rent to correspond to those can more effortlessly entice new tenants and lower the period the home stays unoccupied.
Although a market rent assessment may appear like plenty of work, it is a key aspect in making those invaluable investment properties profitable. The great news is that the professional property managers at Real Property Management Excellence can support you. We understand the rental market in Garner and the surrounding neighborhoods, making sure that irrespective of where your rental homes are situated, they are competitively priced. Contact us online or give us a call at 919-827-1107 and ask about our FREE market rent assessment.