The right and best technique to make sure that your Temecula rental homes are leased at a competitive rate are to execute current market comparisons. Besides the several seasonal maintenance regards and rehabilitation obligations that property management demands, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether you have long-term tenants or are readying for new ones, a market comparison can maintain your investment homes’ profitability and ensure your rental rates are in conformity with those in your scope and area.
Organizing for a market comparison commences with assembling comprehensive data about your own rental homes first. You’ll need to find out the square footage of each rental home, along with 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.
When you’ve compiled all the needed figures with your own Temecula rental property, immediately establish considering some of the same rental homes in that same area. 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 sound market comparison can demonstrate to you what residences like yours are at the moment renting for and aid you in ascertaining whether you have to bring your rent up or down. 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. On another note, if close-by properties are renting for a lesser rate than yours, bringing your rent down in order to conform can more certainly allure new tenants and decrease the timespan the home remains uninhabited.
Even though a market rent assessment may look like a great deal of work, it is an essential element of ensuring that those important investment properties are profitable. The good thing is that the professional property managers at Real Property Management Realevate Specialists can assist you. We ascertain the rental market in Temecula and the surrounding localities, that regardless of where your rental homes are located, they are competitively priced. Please contact us online or call our Mission Valley office at 858-997-2100 or our Temecula office at 951-461-0100 for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
