How can you price your Temple City rental property competitively and profitably?
It requires a deep understanding of the local market and an objective look at how your property compares to the competition.
The best way to approach the pricing process is to settle on a competitive rental value that’s sure to get your home rented as quickly as possible to the best Temple City tenant
You don’t want to price your Temple City rental property too low. It leaves you struggling to earn what you should. Pricing it too high, however, comes with its own risks. Rental prices that are too high will leave your property vacant for longer. Those high prices also attract bad tenants who have been denied from renting other properties.
Well-qualified tenants will never overpay for a property. Here’s how you can make sure you’re competitive with your Temple City rental price.
Leveraging Technology and Market Data
Before you price your own rental property, you need to know what similar properties are renting for. You’ll want to run a comparative market analysis with accurate, hyper-local data. The information you gather is critical, so if you can’t access good data on your own, reach out to a local Temple City property management company.
Sites like Zillow and Trulia will show you what rentals are listed for. However, you cannot always depend on those sites nor can you always trust the list price. Those homes may rent for something else.
Remember that the market drives the price of your rental property. It doesn’t matter how much money you want to earn every month, and it doesn’t really matter how much you think the property is worth. You have to price your property competitively because you’re rarely the only rental home available to tenants.
Variables in the Pricing of Your Temple City Rental Property
While your competitive rental value is always market-driven, there are property features that make your rental home more competitive than others. A competitive rental price can be established with the help of understanding your home’s age, location, and property condition.
- Location is a driving factor in real estate prices, as everyone knows. When your Temple City rental property is in a great neighborhood with good schools and easy commuter routes, you’ll be in a comfortable position to ask for more in rent than if your property is more remote and not close to conveniences like grocery stores and major roadways.
- The size and condition of your home will also impact your rental price. Well-maintained homes with lots of curb appeal and modern updates will rent for more than older properties that are worn down. Make a few inexpensive upgrades to your property to help it rent for more. Simple things like a fresh coat of paint, colorful flowers, or shiny new hardware on drawers and cabinets can make a big difference.
A competitive rental price matches the market and fits the condition, size, and age of your property. If you’re not comfortable with your level of expertise in the Temple City rental market, reach out to us at ZenPro Property Management. We are always gathering market data and working with owners to price their rental homes competitively. We should talk.