Knowing how much your home will rent for is an important first step when renting out your home. Your Divisions Unlimited property manager will be able to give you a detailed rental price analysis to help you determine the best market rent for your home.
How to determine the rent price of your home.
When choosing how much to charge for your rental property it’s important to perform an in-depth analysis to ensure that you maximize your income while attracting the best possible tenants.
Charging too much for rent and your home will likely sit vacant too long. Vacancy costs can be an expensive part of renting out your home. If your home is not priced well then your vacancy expenses will be too high and your income and revenue will be reduced.
To maximize the income on your rental property you will need to price the home effectively. The correct rental price will help to secure the best possible tenant. But how do you choose the correct rental price?
Tools for Figuring Out Rental Price.
There are several ways to research your home’s potential rental price. Let’s look at some of the available methods for figuring out how much to charge for rent.
- Public Real Estate Websites – sites like Zillow and Trulia and others will offer you a potential range of pricing that your home may fall into. These resources are a good starting point and will give you an overview of what you may be able to expect for a rental rate. However, be aware that these resources only offer a general range of pricing and don’t take into account a number of factors such as condition and upgrades, and updates.
- Subscription-based software – There are software providers that will provide a more in-depth analysis of your rental home pricing but often these require a monthly or annual subscription cost. Unless you are a professional property manager or real estate investor with multiple properties to analyze, this will be an expense that will not pay off. There are also some “freemium” software solutions such as Rent-O-Meter.com that will provide a high-quality report of your renal home. You are generally allowed 1-3 free reports before you would be asked to pay for a subscription. However, the reports are often limited in data and will not provide as much detail as the paid version would.
- Professional Rental Price Analysis – The most effective way to figure out how much to charge for rent on your Boston area rental home is to use a professional property manager like Divisions Unlimited. Your property manager will be able to provide the most accurate analysis. They will use a number of tools, software, knowledge, and experience to help you figure out how much to charge for rent. They will physically look at your home and take into consideration all the upgrades and updates that are specific to your rental home and provide you with an accurate rental price. To get a professional rental price analysis click here and your Divisions Unlimited Property Manager will get in touch with you directly to help you figure out the best rental price for your home.