One of the most common questions we get asked by property owners is - how much will my house rent for? A lot of factors go into the answer. Pricing a rental property correctly will impact the tenants you attract and the length of time it stays on the market.
In real estate, location is the most important factor for a lot of people, and that will count towards what you can charge for rent.
Features and Upgrades
Another thing to look at are features and upgrades. Brand new houses with modern amenities will always rent for more than a house that is 50 or 60 years old that hasn’t been updated. So, take a look at your property type and how it stacks up against the rest of the market.
Timing is another major factor that influences price. If you go to market in spring or early summer, there’s a lot of activity, so you can probably ask for higher rent. On December 15, very few people are looking at rentals and planning to move. When there is slower market activity, you’re going to have to settle for less rent. Market conditions and timing really count.
Your price also depends on how well you position your property in the market. Better advertising means more leads and interest, which creates more applications. Generally, the better your advertising, the more money you can get.
One other huge factor is pets. If you don’t allow pets, you’ll be earning less rent than you would if you allow pets. Just because you offer a pet friendly property doesn’t mean you’re going to rent to a tenant with a pet. However, you will attract a larger market, and that can make your rental price go a little higher.
Our policy is to look at the house in person before conducting an analysis or recommending a price. We hope you were able to find this helpful in answering the question, "how much will my house rent for?" Contact us at Advantage Property Management Services in San Ramon, and we will take a look at your house and talk about the market.