If you want to have your Upper Marlboro rental homes leased at a competitive rate, you should do 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 you’re getting ready for new tenants or handling long-term ones, a market comparison can ensure your investment homes stay profitable and your rental rates in line with the other homes in your area.
The initial step in preparing for a market comparison is to gather comprehensive information on your own rental homes. You’ll need information such as the square footage of each rental home, and also 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.
Once you’ve gathered all the relevant data regarding your own Upper Marlboro rental property, you can begin looking at similar rental homes in the same neighborhood. 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 Gold have professional property managers willing to help. We know the rental market in Upper Marlboro and the areas that surround it. This ensures that no matter where your rental homes are located, they will have a competitive price. Please contact us online or call us at 301-392-2172 and ask about our FREE market rent assessment.