One of the more important tasks you’ll face as a landlord is pricing your rental. The amount of rent in today’s market and your financial goals for the property are both important ; however, if you set the rent too high, you’ll likely have longer vacancies and high turnover rates as renters seek more budget-friendly options.
When it comes to determining how much rent to charge, it is advisable to consult a Property Manager. A professional property manager, like MRErent.com have deep insight into specific rental markets in Oakland County, Macomb County and Lapeer County. MRErent.com can show you how your rental house stacks up compared to others with similar features. Whether you use a professional rental agent or go the DIY route, you’ll need to know how to compare your property to others on the market in order to set the right price.
Take into account the following items when determining how much rent to charge.
Location, Location, Location
Location is everything when buying or renting and is one of the main determining factors in how much rent you can charge. A few factors to take into consideration are:
- Close proximity to major thoroughfares for commuting ease
- Good schools
- Nearby shopping, restaurants & amenities
- Nicely maintained houses and landscaping
Main features of your rental
The first things to look at when pricing your rental are the most basic aspects of the property such as:
- Bedrooms and bathrooms: The number of bedrooms and bathrooms your rental has fundamentally affects how many people it can accommodate and how comfortable they will be.
- Size of the property: There can be vast differences between properties with the same number of bedrooms and bathrooms. Additional square footage, basement storage and garage space allow a home to be more livable.
- Overall condition of the home: Although there is an average rental price for each area that is dictacted by current market conditions, the closer your rental is to new condition, the more you can charge.
Most renters expect “standard” rental units to be well-kept, with reasonably up-to-date interior finishes items. Premium features like the one’s listed below can demand a higher rental price and will make your rental stand out among the others.
- Wood and/or tile floors
- Attractive cabinetry
- Granite counter tops
- New appliances
- Spacious closets
- Energy efficient features such as windows & heating systems
Millennium Realty Professional Management
Using MRErent.com is not only a major convenience for you, the rental owner and it adds significant peace of mind for your tenants, as well. Renters are likely to pay more when they know that any issues that arise will be dealt with promptly and fairly by a dedicated professional manager. MRErent.com has a 24-hour maintenance emergency line and multiple licensed contractors that are ready and able to handle it all! For additional information, give us a call at 248.394.0464 or visit us online at MRErent.com.