The best way to make sure that your Magnolia rental homes are leased at a competitive rate is to carry out regular market comparisons. Together with the different seasonal maintenance and repair tasks required for property management, assessing market rental rates should be on your spring to-do list. It doesn’t matter if you’re dealing with long-term tenants or preparing for new ones, a market comparison can make sure your investment homes remain profitable and your rental rates competitive with those in the area.
Getting things ready for a market comparison begins with collecting detailed information about your own rental homes. You’ll need to have information for each rental home; information such as the square footage as well as 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 acquired all the useful information about your own Magnolia rental property, you can then look at similar rental homes that are nearby. 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 reliable market comparison can show you the price that homes like yours are renting for right now, and it will aid you in finding the optimum level for your rent. If comparable properties are renting at rates higher than what you have asked for in the past, increasing your rent can lead to increased income without losing your competitive edge. Moreover, if nearby properties are renting for less than yours, lowering your rent to keep up with theirs can easily attract new tenants and reduce the length of time of the home’s vacancy.
A market rent assessment may seem like it needs a lot of effort put into it, but it is a crucial part of ensuring that your investment properties stay profitable. The good news is that Real Property Management Republic has professional property managers that can help. We understand the intricacies of the rental market in Magnolia and the areas around it. This means that no matter where your rental homes located, the price will always be a competitive price. To know more about our FREE market rent assessment, please contact us online or give us a ring at 281-362-5001.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
