How Much Will My Property Rent For?

by Cierylene Piernes


Posted on 2019-08-29 20:17:01


"How much will my property rent for?", this question might probably be one of the most asked questions by property managers and one of the most searched in google. If you are wondering how much you will charge your tenants for rent, this will be one of the biggest decisions that you will have to think about.

 

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Just because your neighbor’s property is renting for $1500 a month, it doesn’t mean that your property will also be rented for that same amount. It would be better to figure out and compare how much is your property’s value in the market, apples to apples.

Renting out your home or apartment will help provide you money to pay off your mortgage. This is one of the best ways to earn money while waiting for the value of your property to go up and use the extra money as savings.

There are actually a number of things that can be considered while determining how much is the right amount of rent to be charged. To know how much can you rent your property, here are the factors that prospective tenants consider and you too to decide how much rent will you make.

  1. Property square footage - of course, the larger your property, the higher you can charge for rent.
  2. Number of bedrooms and bathrooms
  3. Location - if there are several or only some rental properties in your area
  4. Age of the property
  5. Features of the property - whether your property has a distinct feature other than properties rented in your place.

The amount of rent that you may charge to your tenant is normally calculated as a percentage of your property’s value. Facilities can also affect the price range of the property depending on where your rental lands. And the overall worth or value of your home can also affect the rent.

And you may have to do your research on the following factors of other rental properties in your area. But if you want to know how much your property will rent without taking too much of your time and effort, you can contact a professional property manager and he will do the work for you. If you will do so, you will also be able to establish a relationship with a professional property manager.

And once you knew all the elements and procedures of managing a property, people will also be calling you for management of their property.

 

 


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