One of the questions we most commonly hear from investors and landlords is: how much can I rent my house for? It’s important to understand that the market will be the largest indicator of what you can charge for rent. You might want to meet your mortgage responsibilities and cover the costs of insurance, taxes, and still bring in some cash every month, but you can’t ask for more than the market is able to bear. That’s something you cannot control when you’re pricing your rental property. However, there are a few factors that you do have control over, and that’s where you should focus your attention when deciding on a price.
Pay Attention to Property Condition
If you want to get a high rental price for your property, make sure you provide a property that tenants will be willing to pay extra for. Before you even put it on the market, make sure you have made all the necessary repairs so it’s functional and attractive. Perform inexpensive but valuable upgrades, such as fresh paint, new flooring, and updated fixtures in the bathrooms and kitchens. It should be professionally cleaned and smelling good when prospective tenants come to see it. You want your property to be the most appealing place that potential renters see. Make it easy for them to imagine moving in.
Conduct a Comparative Price Analysis
You’ll need to know what similar homes are going for in the same neighborhood. Take a look at what properties are currently priced for on the market, and what tenants are paying in homes that have recently been rented. You can look for this data yourself online, or you can talk to a professional property manager, who has access to this information and can help you understand what it means.
Understand What Tenants Want
How Much Can I Rent