Naturally, every landlord would want to collect the most rent possible from their property. However, it essential to know that the price you put on your rental property will determine how quickly you get tenants and retain them.
Whether you have just completed your first rental property or you have a broad portfolio, it’s essential to price your rental units appropriately to attract and retain quality tenants. You can achieve this by researching the prevailing rental rates in your neighborhood to help you come up with the appropriate rates for your property. Also, you may consider seeking the services of property management Oakland to make sure you are getting the most of your rental units’ potential. Here are a few factors that can help you to determine the most appropriate rent for your property.
Prevailing Market Rent
Prevailing market rent refers to the current rent rage in a specific area. As with most other products, rent rates are influenced by the forces of demand and supply. Properties that have a high demand will attract higher rents than those with low demand.
Location of Your Property
When looking for houses to rent, most people will go for properties situated near essential amenities such as schools, leisure facilities, shops, and transportation, among others. Many working professionals and families are looking for properties that offer convenience and lifestyle.
Property Presentation
One of the significant benefits of hiring property management Oakland is that you will never have to worry about the state of your property. If you have more than one property, it can be challenging to manage them by yourself. A property management company does not only help you to collect rent, but it also ensures your property is appropriately managed to attract tenants. If your property looks old and unkempt, it will scare away many potential tenants.
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