When preparing for a market comparison, begin with gathering an extensive understanding of your own rental homes first. You’ll have to know the square footage of each rental home, besides 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 the other rentals in your area.
From the moment you’ve retrieved and understood all the info with respect to your own Spanish Fork rental property, you can then start inspecting the rental homes that are similar to yours in that same location. In the same way that the asking and the final purchase price of a house can differ, so can the estimated and proposed numbers vary from the actual rental rates.
An effective market comparison can reveal to you what rental housings, like yours, are nowadays renting for and make it easier for you to choose whether you should 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. Furthermore, if nearby properties are renting for a lesser rate than yours, cutting down your rent accordingly can surely bring in new tenants and shorten the time period the home rests vacant and unused.
Despite that a market rent assessment may appear like too much work, it is a principal attribute to getting those valuable investment properties profitable. The really good news is that the professional property managers at Real Property Management Utah County can give you assistance in this matter. We completely grasp the rental market in Spanish Fork and the surrounding sites, making certain that, notwithstanding where your rental homes are found, they are competitively priced. Contact us online or give us a call at 801-224-0033 and ask about our FREE market rent assessment.