3 Rules for Setting the Best Rents for Your Rental List
Rule #1 – Always Do A Comparable Analysis of Similar Rentals First
The first thing that you want to do before setting the rents for your rental list is to visit comparable rental properties in the local area. The rental properties that you visit should have the same number of bedrooms, bathrooms and square footage because, once you know what those rental properties are being listed for, you will have a good idea for what you can rent your property for.
Rule #2 – Know Your Local Market Inside and Out
Besides understanding what your competitors are doing in the local area, you should also know your local rental market inside and out.
To get a good idea of what’s happening with the local rental market, you can search for local market reports on websites like Zillow because these reports will typically show the median rent in your area including towns and other cities which may be nearby. With these reports, you can also see if rents are rising if they’re falling, or projected to decrease in the local area as well.
Rule #3 – Understand Your Rent Range
Last of all, but most important, another important thing that you want to do before setting the correct rents for your rental list in San Jose is to understand the rent range for your rental properties.
You can determine the rent range for each property by utilizing online tools which will help you to factor in the correct monthly rent for your rental properties based on their location, size, and amenities that they have to offer tenants.
Contact Utopia Management
Are you tired of managing your San Jose rental properties yourself? If so, contact Utopia Management today by calling us at (800) 294-4656 or connect with us online.