One question that property owners ask is, “how much should I charge my tenants?” Well, there are many factors that come in play when determining the amount your tenants should pay as rent. If you price your rental property correctly, you will attract tenants. If you overprice it, you may have vacant homes and rooms for a long period, which means you are losing business. A Peoria, AZ property manager can help you in coming up with the right rental charge for your property. Here are things that will be looked at when deciding on the rental charges:
The Amenities
You want to set a price for your rental property based on the desirability of the unit to tenants. The rent charges can be based on things like view, updates, square footage, layout, floor level, and other features. For example, if it is an apartment having a garden view, it may more desirable than one that has view of a parking lot. If a unit has updates like hardwood floors, appliances, and other amenities, it may go for a higher price. A home with a bigger bedroom may be pricier than one with a small bedroom.
The Competition in Rental Properties
If there are more rental homes or properties for rent that are similar to your property, it means there is competition. You might want to visit some of your neighborhood rental properties and see what kind of amenities they have and their pricing. Also check to see if landlords are offering incentives to lure tenants such as free TV sets, as this could mean you have a rental property in an area that is over-saturated with similar properties.
The Market Demand
Time in time, the rental charges will change and this is based on the status of the economy. When things are bad, you may find that people cannot afford buying homes. Many will opt to rent units until that time the economy will improve and they can be able to a purchase home. During this time, you may charge more because there is increased demand for rentals. Like us on facebook.
If you own a property and want to rent it, you can work closely with a Peoria, AZ property manager to help understand the dynamics in pricing rent charges. A property manager can take other responsibilities and ensure you as the property owner have time for other business.
Do you have a rental property and you are unable to manage it? A Peoria, AZ property manager can help you.
