The layout of the house, the green areas, basic services, the condition of the property, and especially the location will determine the cost of renting the property.
Have you ever wondered if the rents you charge for your rental units are in line with the marketplace? Does it take a long time to rent up your property or does it rent in a day?
The worry, of course, is if you have more phone calls than you can handle, you may have priced the property too low. If you have no calls, maybe you’re units are priced too high.
How do you find the best rates?
A good place to start is to look in the local Sunday paper. Notice that the classified section is divided by geographic area. Location is the most important guide to value for a renter. The same 3-bedroom, 1-bath house will rent for $500 in one part of town and $750 in another. Most people look for a location close to work or close to schools for the mselves or their children. Many people also want to live in hip or trendy neighborhoods or in neighborhoods where they grew up in, close to friends or family members. Older renters like to live close to shopping and medical suppliers, like doctors or hospitals. Some renters want to live close to major arterials or freeways to speed up their driving around town.
Every city and town has a different rental patterns, and in many cases those patterns relate to geography. You have probably heard of the “West Hills” or the “south part of town” or the “Northwest neighborhood.” Sunlight drives value. The brighter the area and the… continue reading
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