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.
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.
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.