Tips for Setting the Right Rental Rate for Your Property
When you own rental properties , you can’t make money when they are sitting empty. Keeping your rentals full comes down to setting the right rent. Setting your rental rates involves several considerations that a property management company in Mesa, AZ, with experience in the local market, can help you navigate. When you’re determining how much rent you want to get for your property, these tips will help you get it right.
Avoid Standard Rental Rates
If you have multiple rental units, avoid the temptation to set a blanket price. For instance, instead of pricing all of your one-bedroom units the same, price them based on the amenities they offer. Charge more for things like views, updated appliances, open floor plans, or extra storage space. The price differences don’t have to be huge, but basing your price on the specific unit you’re offering allows you to maximize the value of each rental property.
Listen to the Feedback You’re Getting
When you advertise your rental unit, you can learn a lot about the appropriateness of your rent by the response you get. If you are inundated with an unusual number of callers who want to see your property, renters could be seeing your place as a steal. On the other hand, if no one is making an appointment to view the space, then your rent could be too high. When prospective tenants do see your rental, get their feedback. You may be surprised to learn how your property compares to others they have seen, and that feedback can help you decide if you should adjust your rent up or down.
Work with a Property Management Company
Having a property manager is one of the best ways to avoid missteps when you set your rent. Property managers know the market and how to target the right tenants for your home by setting your rent appropriately. They can provide advice on how much you can charge and when you should make adjustments, so that your properties stay occupied.