Whether you’re managing apartments in Kirkland, or renting out offices in downtown Seattle, now might be the time to re-evaluate your rental prices. The real estate market is constantly changing, and right now, prices and prospects are booming. Local Seattle areas including King County are currently in a real estate boom meaning that housing availability is low, and demand is high. With homes and condos in the area becoming increasingly more expensive and harder to find, apartments in Kirkland and other areas are more in demand than ever.
Evaluating Your Property
The first thing you should do is evaluate your property. How much is it worth in a direct sale? When was the last time it was repaired? If you aren’t sure how to evaluate and price property on your own, consider hiring a professional to do so, or hiring a local apartment management company that works in Redmond, Kirkland, Bellevue, or other Seattle area. A professional evaluation tells you what your property is worth, and sometimes what you can do to improve on that value.
Evaluating the Rent
The easiest way to decide on your rental fee is to look at what similar properties in the same area are going for. Unless your property or units are considerably nicer than or in worse condition than similar properties, you should most likely charge about the same amount. You can also have an apartment management company in Kirkland come in and tell you exactly how much your property is worth for rent. Apartments typically rent out for much less than a condo, but don’t be fooled into pricing too low. Apartments are valued based on their desirability so apartments located nearby to shops and entertainment, those in very good condition, with great amenities, and anything else desirable. Look for anything that will jump the value of the apartment and use it.
A Few Things to Consider
There are always a few things to consider when renting apartments, or setting the rent. The first thing is that if you haven’t made repairs recently, going through the entire building and making sure that it looks new inside and out can definitely help you to improve the rent. Keeping up the outside and grounds can also jump the rent. In fact, did you know that tenants are more likely to be willing to pay higher prices if they can see a garden or trees from their window? Consider checking the view from each window and doing your best to ensure that it’s fabulous.
Last but not least, if you don’t have the time to appraise, re-evaluate, or keep up your apartments and units, you might want to hire an apartment management company. SJA Property Management operates out of Seattle, Redmond, Kirkland, Bellevue, and surrounding cities, so you can get top quality apartment management no matter where you are. Interested? Check the services page or give us a call today at 425.285.1324.