Establishing a rental value for your Sandy investment property is an important first step in renting it out. It’s not as easy as it sounds, and even experienced investors can be confused and uncertain about what they should be charging. You may have a specific idea in mind about your home’s rental value. You might need to earn a certain amount every month in order to earn the cash flow you’re hoping for.
The most important thing to remember, however, is that the Sandy rental market really drives what you can charge in monthly rent.
If you over-price your property, you’re going to face a longer vacancy period or you’ll attract tenants who have been rejected elsewhere and are feeling desperate enough to pay a higher price.
It’s your responsibility as a landlord to price your property accurately and competitively, and a professional Sandy property manager can be a good resource. We have a lot of data about the market and what you can expect to earn.
Gather Comparative Rental Values
When you’re establishing a price for your rental home, you need to get some comparable rental values. Take a look at homes similar to yours and in the same neighborhood that have recently rented. Make sure your own rental price isn’t too far outside of the general range.
Reliable data is your most important asset in the pricing process. You can look at Zillow and Trulia and HotPads and other rental sites for an idea of what properties are listed for. But, the most reliable information will come from a property manager, who knows what the homes rented for, how long they were on the market and whether any price reductions or other incentives had to be offered.
Location of Your Sandy Rental Home
It’s well-known that location is an important factor in real estate. You’ll earn more rent if your property is located in a desirable location. If you’re near good schools, easy commuter routes, and close to shops, grocery stores, and retailers, you’ll be able to earn more in rent than if your home is more remote.
When you’re comparing your home to the competition in order to price it accurately, make sure you’re looking at homes in the same neighborhood as you. Rental prices can change from street to street and block to block.
Property Size and Condition Factor into Price
Single-family homes with three bedrooms and three bathrooms often earn more rent than one-bedroom apartments. Most renters in Sandy are likely seeking low-maintenance multi-family units or spacious single-family homes with plenty of privacy and space. You’ll need to lower your price a bit if the property is too small for the area or even if it’s too large.
There’s not much you can do about the rental market, and you only have so much control over your property’s location and size. However, you can control its condition. Well-maintained properties will earn more rent than those that are old, worn, and falling apart. Make sure your home is in excellent condition when you’re renting it out. You’ll earn higher rents and attract better tenants.
One of the best ways to accurately price your rental property is by working with a professional Sandy property management company. We can ensure you earn as much as possible in rent every month, while still maintaining competitive and avoiding long vacancy periods. Contact us at Safeguard Property Management. Safeguard is recognized as a leader in Salt Lake City property management. We provide residential rental management services to owners of single-family homes, townhouses, condos and duplexes throughout Salt Lake County and the northern portion of Utah County.
