The best means to nail down that your Pasadena rental homes are leased at a competitive rate is to fulfill ongoing market comparisons. Apart from the considerable seasonal maintenance and repair tasks that property management obligates, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether you already have long-term tenants or are gearing up for new ones, a market comparison can continue to make your investment rental homes financially rewarding and your rental rates in keeping with those in your location.
Setting up for a market comparison starts off with collating meticulous information about your own rental homes first. You’ll have to be aware of the square footage of each rental home, likewise the age and condition of each major element. From the roof to the appliances and everything in between, you need to have a clear picture of your rental property before you can be sure you’re doing a direct comparison to other rentals in your area.
Shortly after you’ve garnered all the data in connection with your own Pasadena rental property, you can begin checking over similar rental homes in that same locality. In the same way that the asking and the final purchase price of a house can differ, so can the estimated and proposed numbers vary from the actual rental rates.
A dependable market comparison can show to you what houses like yours are actually renting for and assist you in concluding whether you can scale up or lower your rent. If comparable properties are renting at rates higher than you have asked for in the past, increasing your rent can lead to increased income without losing your competitive edge. That being said, if properties around the neighborhood are being rent out for less than yours, slashing down your rent to match can more easily delight new tenants and shorten the time interval the home continues to be empty.
Even supposing a market rent assessment may be like a great amount of work, it is a necessary detail to keep those good investment properties profitable. The good thing is that the professional property managers at Real Property Management Fairmate can lend a hand. We have extensive knowledge of the rental market in Pasadena and the surrounding places, guaranteeing that it makes no difference where your rental homes are located, they are competitively priced. Contact us online or give us a call at 626-691-9749 and ask about our FREE market rent assessment.
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