The first step in preparing for a market comparison is to get all the information relevant to your own rental homes. Among the things you’ll need to know is the square footage of each rental home and 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.
After gathering all the data about your own St. Petersburg rental property, start browsing around that neighborhood and look for similar rental homes. 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 solid market comparison can reveal the rate homes like yours are renting for, and it will help you determine the best price for 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. Likewise, if the other properties in the vicinity are renting for less than yours, reducing your rent to match can easily draw interested tenants and decrease the amount of time the home stays vacant.
A market rent assessment may take a lot of effort to accomplish, but it is crucial in making sure your investment properties continue to be profitable. The good news is that Real Property Management TradeWinds have professional property managers eager to help. We know how the rental market in St. Petersburg operates, along with the rental markets of the neighboring areas. This means that the price of your rental homes will be competitive no matter where it is located. Feel free to contact us online or by phone at 727-400-4722. We’ll be glad to talk to you about our FREE market rent assessment.