Preparing for a market comparison starts with acquiring complete information about your own rental homes. You’ll need to have information for each rental home; information such as the square footage as well as 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 getting all the information about your own Dickinson rental property, explore that same neighborhood and look into similar rental homes. In the same way that the asking and the final purchase price of a house can differ, so can estimate and proposed numbers vary from the actual rental rates.
A good market comparison can show you how much homes like yours are presently renting for, and it will help you decide whether you need to increase or decrease 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 the neighboring rental homes are renting for less than yours, bringing down your rent will quickly attract new tenants and shorten the amount of time of the home’s vacancy.
A market rent assessment may seem like it needs a lot of effort put into it, but it is a crucial part of ensuring that your investment properties stay profitable. The excellent news is that the professional property managers at Real Property Management Prestige can help you. We understand the intricacies of the rental market in Dickinson and the areas around it. This means that no matter where your rental homes located, the price will always be a competitive price. Don’t hesitate to contact us online or give us a ring at 281-532-5455 to know more about our FREE market rent assessment.