People frequently ask me how to determine what a property can rent for. Every property owner wants to know what their home can get in terms of rental income. This can be tricky, you’ll first want to come up with a starting point. The best way to do this is to go online and start looking at a site like Zillow, which has a rent estimator. You’ll get a Zestimate for your rental property in Redmond. It’s not always accurate, but it gives you a good starting point.
Comparing Similar Properties
Once you have a good starting point, go to a site like Craigslist and try to find properties similar to yours. They should be in the same general location, with a comparable square footage. Rental property prices always depend on square footage, property condition, and location. If you can find other properties like yours that are advertised in your area, you’ll get a sense of what yours can rent for.
Advertised Price vs. Rental Price
When you go to a site like Craigslist, remember that you are only seeing what the property is advertised for, not what it rented for. This can be misleading. You might see homes advertised for $2,000, but it’s possible they only rented for $1,600. That will throw your numbers off a bit, so you want to make sure you have at least three good comps.
Redmond Property Management
With our software system so we know what local properties actually rented for. This makes things a bit more accurate. You may want to contact a local property management company and ask for a rental evaluation. Property managers have access to the Multiple Listing Service (MLS), and their own database of properties. They can help you find a good range to help with your numbers so you can decide if renting your property is a good idea.
If you have any questions about your rental property in Redmond or any other city in the area, or you’d like to hear more about property management in Redmond, please contact us at SJA Property Management.
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.