If you’ve recently prepared your investment property for the market then you probably have one thing left to consider. How much can you charge in rent? Determining the rent rate can be an intimidating task, especially if you’re not used to renting property. If you’re not ready to hire a professional Woodinville property management company to help you out with setting fair market value rent rates, then consider using these tips to set if yourself.
The easiest way to check out what houses or units are renting for at any given time is to check the internet. The best places to see overall rental rates for Woodinville are Zillow and Trulia. These sites are great because they offer month over month averages, area averages, and sometimes even neighborhood averages. Check out the sites and write down the yearly average rental rate. You’ll also want to look at the neighborhood your unit is in if possible.
Check Your Specific Neighborhood
Consider checking out the local neighborhood to see how many units are empty or available, what they are renting for, and if possible, what the people around your units are paying in rent. The best way to set a fair rental price is to find out what your neighbors are paying, but this might not always be possible. Just consider that you want your units within the same range as other local units, unless there is a great deal of difference in quality between the two.
Consider Your Amenities
The more desirable your unit, the more the rent is worth. If the unit has a beautiful view, a huge back yard, and nearby access to shops, restaurants, and public transport, then it is very desirable. You can use the amenities nearby as part of your rent setting algorithm. And if the potential tenants don’t like the price, you can point out why you’re charging so much.
Calculate Monthly Expenses
Another extremely important item to consider is that you want to make a profit. You have to make money every month, or it’s not worth your time and money. Consider how much you’re spending on maintenance, upkeep, communication, driving, and taxes, and then add that to your rent.
Set a Fair Rent Rate
You can take all of the information that you’ve dug up and use it to set a fair rent rate for your units. Woodinville rental rates do tend to vary, but you can expect most units to earn $800-$3,000 per month depending on the unit. You don’t want to go too low because you want to make money, but keep in mind that going too high will scare away tenants, and you won’t make money if the units are empty either.
If you’re still having trouble with your rent then why not call us, your professional Woodinville property management company, to see what we can do for you. One of our services is setting the right rent rates to attract tenants, and make you money.
The discussion herein is of a general nature only and is not to be construed as specific legal advice, which requires the establishment of an attorney-client relationship and fee agreement. SJA Property Management does not provide legal services.