rental property
How To Price Your Rental Property In A Competitive Market

Are you planning on listing your Beaverton home as a rental property for the first time but you don’t know what to rent it for?

One of the keys to success with owning a rental property is setting the correct rent because you can miss out on profits if you set it too low and you may have a difficult time keeping tenants if you set the rent too high.

In this article, we will offer you several tips on how to price your rental property correctly.

Comparable Research

The first thing to do when determining the correct rent for your Beaverton rental property is comparable research.

This means investigating similar rental properties in Beaverton Oregon to determine what stand-out features those properties have and desirable amenities that your property may not have.

Some of the most desirable amenities tenants are searching for include a washer/dryer, upgraded appliances, good parking, a finished basement, and an excellent location.

If your home doesn’t compare to similar properties in the area, consider investing in curb appeal upgrades, adding smart appliances, and allowing pets.

image credit beavertonoregon.gov

Learn More About The Rental Market

Another thing to do that will help you determine the correct rent for your property is to learn more about the local rental market.

Keep in mind that if demand is high, and supply is low, prices will typically increase but if demand is low and supply is high, landlords will start lowering their rents while in some cases offering concessions to tenants.

Do The Numbers

Once you learn more about the local rental market, the next thing to do is the numbers; this means coming up with the exact number that you should ask for your property every month.

How do you do this? Ideally, the amount of rent that you charge should be up to 1.1% of your home’s value.

Example: Let’s say that your home is valued at $400,000, this would mean that you should charge between $3,500 and $4,000 per month for rent.

Remember to set the correct rent based on what similar properties in the Beaverton area are renting for because if you set it too high, your property may be unaffordable for most renters.

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, we specialize in local property management for single-family and multifamily properties in the PDX area.

To learn more about the property management services that we can offer you, contact us today by calling (503) 447-7735 or click here to connect with us online.

beaverton oregon property management
Should You Rent Your Single-Family Beaverton Home?

Are you thinking about renting your single-family Beaverton home, but you’re not sure if that’s the right decision for you to make or not? If so, you’ve come to the right place.

Rental income is a great way to generate steady and consistent cash flow in the 2020s, but the reality is that there are several things that you have to do first to ensure that you can earn a consistent income from your property.

#1 – Screen And Place The Most Qualified Tenants

The key to success when it comes to renting your single-family Beaverton Home is to screen and place the most qualified tenants.

To do this, you will need to do a complete background check on applicants, be willing to call their references, and pull their credit reports, to ensure that they are working full time and earning at least three times the rent that you’re charging for your property.

#2 – Develop Standards And Stick With Them

Besides screening and placing the most qualified tenants, you also must be willing to develop standards/rules and stick with them.

This means that you will have rules that your tenants must know that they have to follow or they will face fines and possible eviction from the property, if broken,

Victoria Haffner

#3 – Create A Vendor Matrix

Once you’ve rented your Beaverton home, the next thing you must do is create a vendor matrix of trusted companies that you can call at a moment’s notice to assist you with things like plumbing and routine maintenance, to more advanced maintenance issues.

Having a vendor matric is essential because the last thing that you want to do is to perform maintenance on your property yourself because at that point, the income stream becomes an active income stream, instead of a passive income stream.

Contact Rent Portland Homes – Professionals

At Rent Portland Homes – Professionals, we specialize in local property management for the PDX area.

Our team will save you the time, money, and hassle of managing your Beaverton home yourself, so that you can enjoy passive income that comes from your property.]

To learn more about the property management services that we can offer you, contact us today by calling (503) 447-7735 or click here.