Gilbert,United States - July 12, 2022 /PressCable/ —
The new report from the property management agency, titled “How To Price Your Rental,” emphasizes the importance of researching comparable properties, known in the industry as “comps,” to set the right rental price based on market averages.
More information is available at https://getmultifamilypm.com/2022/04/08/how-to-price-your-rental
Get MULTIfamily’s latest report explains that, although landlords can determine the rent for their properties by themselves, they also have the option of turning to a property manager for help. Landowners who are new to property leasing may be questioning how much they should be charging, while those who have been leasing for a few years may be wondering if they could be getting more from their real estate investment.
The authors further explain that while asking for a fee above the market average may deter prospective renters, listing the property too low can prevent it from being a worthwhile investment at all. Prospective landlords should also factor in how long it may take to find the right tenant, during which time they will have to cover the mortgage, insurance, taxes, and other related expenses without relying on income from an occupied property.
While researching the market, the multi-family property experts recommend landlords consider the amount tenants are currently paying to live in similar real estate within up to two miles of their property. In addition to the home’s location, square footage, and number of bedrooms, the price should also reflect the featured amenities, including laundry, outdoor space, and parking availability.
Get MULTIfamily’s report indicates that, based on this information, landlords should generally charge between 95% and 105% of the average listing price of comparable properties. Going above or below the market average depends on ‘intangible’ aspects that contribute to the property’s desirability, including local transport links, school districts, public infrastructure, and crime rates.
These additional factors can vary substantially depending on the needs of potential renters. As such, it may be necessary to enlist the help of a property manager to take advantage of their awareness of local trends, insider knowledge, and market expertise.
About Get MULTIfamily
The expert real estate management team at Get MULTIfamily understands the complex fluctuations in the market and helps landlords maximize their multi-family property investment. Through the agency’s 24/7 online portal, landlords can browse leases, access financial statements, and collect rent.
More information can be found at https://getmultifamilypm.com/2022/04/08/how-to-price-your-rental
Contact Info:
Name: Patrick O'Sullivan
Email: Send Email
Organization: get MULTIfamily
Address: 3317 S Higley Rd Ste 114-337, Gilbert, AZ 85295, United States
Phone: +1-602-842-5050
Website: http://www.getMULTIfamily.com
Source: PressCable
Release ID: 89078293
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