How much rent should I charge? It’s a question we hear a lot, and today we’re talking about how to set rental prices effectively.
Location and Rent Ready: Market Pricing Factors
The answer to the question of how much to charge really depends on the property location. It also depends on the property condition, and it depends on your goals with the property. Many times, a family inherits a property from an elderly parent, and it hasn’t been updated in a number of years. But, if the home is in a good area, it’s still possible to ask for a higher rental amount. There are a lot of mitigating factors. What you wouldn’t think leads to a high market rate price actually does impact what you can charge. Location is often more important than condition. As long as the home is clean and everything is working, you’ll be able to get a high rent.
Property Management Burlingame: Knowing the Market
The other situation we often see is when someone has a rental property already and they haven’t raised the rent in a number of years. Or, a long time tenant has moved out and the owner needs to know what the current market is doing and how much should be charged in rent. You need to know what the current market is demanding. This helps us develop a strategic pricing plan for you to get the property rented quickly and at the highest possible price. That’s one of the benefits to working with a professional property management company. We do this every day. We’re in the market, and we have a better idea of the trends in the marketplace and what the market is willing to bear. This is really where we earn our money and where we earn money for our clients. You get a better return on your investment property when it’s priced correctly. If you have any questions about pricing your San Mateo rental property or Burlingame property management, please don’t hesitate to contact us at Five Star Property Management.
