How Much Rent Can I Get for My Rental Home? Atlanta Property Management Advice
When you’re preparing to put your rental property on the market, you need to price it correctly in order to ensure you get a great tenant in place quickly. Pricing the home too high can lead to longer vacancies and pricing it too low will cut into your cash flow. There are a number of things to consider when you’re attaching a rental amount to your property.
Really understanding the local market is crucial when it comes to properly pricing your home. If you’re not aware of what similar properties are renting for, you’re going to have a hard time giving your home the right price. A professional property manager can help you understand the market. We have been listing and renting homes for a number of years and we understand how prices can change from neighborhood to neighborhood.
Property Size and Condition
The location of a property is the most important consideration when it comes to price. The size and condition of the home are also important. Larger homes usually rent for more, so if you have a three bedroom, two bathroom house in a residential area, you’re probably going to be able to charge more than a one bedroom one bath duplex in an industrial area. The condition of your property will also inform the price. If it’s in good shape, with recent upgrades and a nicely landscaped lawn, you’re going to get a bit more for it than if you have aging appliances and no outdoor space.
Analyzing Similar Homes
To get the best idea of how to price your rental home, take a look at similar properties in the same neighborhood. You can go on sites such as Trulia.com and Zillow.com to get an idea of what rental homes are listed for. Remember that the listing price is not always the same as the rental price; you need to leave some room for adjustment, especially if your property isn’t getting a lot of attention in the first few days on the market. If you aren’t getting a large response to your listing, it’s probably because you’ve priced it too high.
Setting the right price for your rental home is the first step in getting it rented to good tenants. If you need help establishing a price or you don’t know the Atlanta market well, contact us at ALH Podland, and we’d be happy to share our advice.