If you want to have your Acworth rental homes leased at a competitive rate, you should do regular market comparisons. Together with the different seasonal maintenance and repair tasks required for property management, assessing market rental rates should be on your spring to-do list. It doesn’t matter if you’re dealing with long-term tenants or preparing for new ones, a market comparison can make sure your investment homes remain profitable and your rental rates competitive with those in the area.
Getting things ready for a market comparison begins with collecting detailed information about 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 you’ve gathered all the information about your own Acworth rental property, begin looking at similar rental homes in that same area. 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 reliable market comparison can show you the price that homes like yours are renting for right now, and it will aid you in finding the optimum level for 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. Moreover, if nearby properties are renting for less than yours, lowering your rent to keep up with theirs can easily attract new tenants and reduce the length of time of the home’s vacancy.
A market rent assessment may take a lot of effort to accomplish, but it is crucial in making sure your investment properties continue to be profitable. The great news is that the professional property managers at Real Property Management East Cobb can help out. We know how the rental market in Acworth operates, along with the rental markets of the neighboring areas. This means that the price of your rental homes will be competitive no matter where it is located. Feel free to contact us online or by phone at 770-622-5657. We’ll be glad to talk to you about our FREE market rent assessment.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.