Landlords are often asking how much they can rent their properties for, and looking for ways to increase the potential of their rental income. If you’re planning to buy an investment home, you’ll probably want to know how much rent you can expect to get for that property. Today, we are breaking that down for you.
The best way to establish the amount of rent you can expect is by searching for active properties on the local rental market. Check out anything that’s for rent and similar to your own house. You can check out Zillow, Trulia or any type of search engine that gives you local real estate results. This will give you a good idea of how much your property will rent for. Pay attention to the details of your home and the other homes. Your square footage is important, as well as number of bedrooms and bathrooms you have. Consider the year it was built so you can compare properties of similar ages. Look for those properties that closely resemble your own property. All of this will help you price your property, and you may choose to price it a little higher or a little lower than those on the market, depending on how long they have been available and vacant.
Another question we often get from landlords is whether they can get more rent after investing a certain amount into the property. That depends on your upgrades. If you have stainless steel, upgraded countertops and cabinetry, you can possibly get a little bit more in rent. It really depends on whether there are properties out there with similar upgrades to yours.
We also get questions about curb appeal, which is very important. The first impression tenants get about your property is what they see on the front lawn. Make sure it looks attractive. You want to have green grass that’s mowed, trees that are trimmed and shrubs that are neat. If your front lawn looks similar to all the homes on the block, spice it up, add some color with flowers; consider planting a few daisies or something colorful that will really make the place look great. It shows your property has better curb appeal than those around it. Hire a good landscaper, or if you choose to do it yourself, keep up with it. Tenants are not going to pay the amount of rent you’re asking if the property doesn’t look great inside and out.
If you have any questions or need any help pricing your property, please contact us at Reliable Realty Property Management, and we’d be happy to give you a free rental analysis and answer any questions you have.