To guarantee that your Melbourne rental homes are leased at a competitive rate, make sure to administer regular market comparisons. On top of the various seasonal tasks for repairs and maintenance that property management demands, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether your tenants are long-term ones or if you’re getting your property ready for new tenants, a market comparison can help keep the profitability of your investment homes and keep the rental rates competitive with other homes in the area.
The first step in preparing for a market comparison is to get all the information relevant to your own rental homes. The information you’ll need for each rental home includes the square footage and the age and condition of each major element. From the roof to the appliances and everything in between, you need to have a clear picture of your rental property before you can be sure you’re doing a direct comparison to other rentals in your area.
After gathering all the data about your own Melbourne rental property, start browsing around that neighborhood and look for similar rental homes. In the same way that the asking and the final purchase price of a house can differ, so can estimated and proposed numbers vary from the actual rental rates.
A solid market comparison can give you an idea of the price homes like yours are renting for, and it will help you make an informed decision whether or not to change the rate of your rent. If comparable properties are renting at rates higher than you have asked for in the past, increasing your rent can lead to increased income without losing your competitive edge. The reverse is also true; if the properties in the neighborhood are renting for less than yours, lowering your rent to be more competitive can make it easier to attract new tenants and reduce the duration of the home sitting vacant.
While a market rent assessment looks like a lot of work, it plays a major part in making sure your investment properties are profitable. The good news is that Real Property Management Brevard has professional property managers that can help. We know the rental market in Melbourne and the areas that surround it. This ensures that no matter where your rental homes are located, they will have a competitive price. To know more about our FREE market rent assessment, please contact us online or give us a ring at 321-610-8022.
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