To make sure that your Marlborough rental homes are leased at a competitive rate, conducting regular market comparisons is a must. In addition to the multiple seasonal maintenance and repair tasks, assessing market rental rates should be on your spring to-do list. These are required for proper property management. It doesn’t matter if you’re dealing with long-term tenants or preparing for new ones, a market comparison can make sure your investment homes remain profitable and your rental rates competitive with those in the area.
Getting things ready for a market comparison begins with collecting detailed information about 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.
Once you’ve gathered all the relevant data regarding your own Marlborough rental property, you can begin looking at similar rental homes in the same neighborhood. 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 of 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 Metro West-Worcester have professional property managers that can help. We have experience dealing with the rental market in Marlborough and the neighboring areas. This makes sure that wherever your rental homes are located, they will be priced optimally. To know more about our FREE market rent assessment, please contact us online or give us a ring at 508-329-6000.
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