Getting The Right Rental Value for your Rental property

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Understanding the proper pricing is the most important way to ensure your property lets quickly.

In order to price your rental property competitively, without selling yourself short, it is important to understand the key components to pricing your rental property prior to listing your home for rent. Looking into the various types of homes currently on the market is an easy starting point and will most likely give you a better understanding as to what type of competition you have, as well as the current pricing schedule set out by the various competition.

Different factors can allow for a higher rental price, all of which should be considered.

1)     Rental Property Type

Is your home a simple one bedroom flat, or is it an elaborate 5 bedroom home backed onto a ravine? Is the garden fenced in or was it open for all to see? The type of home is important when establishing your base point in rent for many reasons. If you have maintained or upgraded many different parts of the lot, you would be able to charge a higher price tag than those who have no gardens to offer. If your rental property has also been fixed with outdoor lighting, pool, hot tub or the like, although it may not increase the rental price substantially, it can increase it a small increment. Take a good look around your neighborhood at other rentals to see what they offer in comparison and gauge your rental property accordingly.

2)     Upgrades

Is your home fit with skylights or dishwashers? How about an extra seating area for house guests? These additional features aside from the basic list of household basics are the perfect areas to increase your rental price—with just cause. One of the main reasons people are willing to pay a little extra is for the extras included in the price. If you have upgraded your kitchen to a state-of-the-art masterpiece, you may be able
to increase the rent. Likewise, if your bathroom is fit with a claw-foot tub and floor warmer tiles, you can expect potential tenants to understand an increase in price.

3)     Services included

Are you offering full garden care with the price of your rental? Do you take care of additional expenses like garbage removal or offer security thro

ughout the building? These wonderful additions can help you increase the value of your rental easily, as people are willing to pay for the rewards of living somewhere with great service.

Taking the time to consider how your rental property differs from the standard rental unit, in both good and negative ways can help you truly understand what a fair market rental price should be. Overall, you should always price similarly to those in your current area (for the same sized unit of course) without under pricing. People have a tendency to avoid high-priced units and likewise, many people believe—if it sounds too good to be true, it normally is—don’t be this rental property or you may find yourself stuck for trying to get it let out.