To make sure that your Gonzales rental homes are leased out at a competitive rate, conducting regular market comparisons is a must. Along with the multiple tasks for seasonal maintenance and repairs that are needed for proper property management, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether the tenants you have are long-term or if you’re preparing for new ones, a market comparison can see to it that your investment homes stay profitable and keep its rental rates in line with those in your location.
The initial step in preparing for a market comparison is to gather comprehensive information on your own rental homes. You’ll need to have information for each rental home; information such as the square footage as well as the age and condition of each major element. From the roof to the appliances and everything in between, you need to have a clear picture of your rental property before you can be sure you’re doing a direct comparison to other rentals in your area.
Once you’ve acquired all the useful information about your own Gonzales rental property, you can then look at similar rental homes that are nearby. In the same way that the asking and the final purchase price of a house can differ, so can estimated and proposed numbers vary from the actual rental rates.
A good market comparison can show you how much homes like yours are presently renting for, and it will help you decide whether you need to increase or decrease your rent. If comparable properties are renting at rates higher than you have asked for in the past, increasing your rent can lead to increased income without losing your competitive edge. On the other hand, if the neighboring rental homes are renting for less than yours, bringing down your rent will quickly attract new tenants and shorten the amount of time of the home’s vacancy.
While a market rent assessment may take a lot of work, it is vital in keeping your investment properties profitable. The excellent news is that the professional property managers at Real Property Management Baton Rouge can help you. We know the rental market in Gonzales and the areas that surround it. This ensures that no matter where your rental homes are located, they will have a competitive price. Don’t hesitate to contact us online or give us a ring at 225-389-6860 to know more about our FREE market rent assessment.
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