As a landlord, one of the things that should be carefully taken care of is pricing your rental. To be able to do that, you should consider two things:
1. COMPETITOR’S RENTAL PRICE MARKET SURVEY
One way to price your rental is to base your price in accordance with your competitor’s price. To do that, you have to do a market survey of your competitors within a mile of you. This is called market rent. Of course, the rent should be made according to what the local market can absorb.
The following are the things you should gather when looking at your competitor’s information:
Who are they?
Their location
How do they sell?
Their pricing model
2. THE UPDATES THAT YOUR RENTAL HAD
What can your property offer? When doing a competitor’s comparisons, this is a crucial factor. For instance, if there’s a property that is the same as yours, but some of your features or amenities are more advance, you can offer a higher price.
The following are some of the updates or amenities you probably want to have so you can get ahead of your competitors.
Parking. A considerable advantage for your rental is having a garage or assigned street parking.
Security. Safety comes first for most tenants. So it is checked for them if security is ensured within your rentals.
Walkability. Is it near the school, market, malls, restaurants, park, or public transportation?
Outdoor areas. Does it have patios, balconies, or other recreation areas that probably make your prospective tenants enjoy?
CONCLUSIONS
A good rental price avoids long-time vacancies, bad tenants, and unnecessary property problems.