If you want to have your Atlanta rental homes leased at a competitive rate, you should do regular market comparisons. On top of the various seasonal tasks for repairs and maintenance that property management demands, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether you have tenants that are long-term or if you are arranging for new ones, a market comparison can maintain or increase the profitability of your investment homes and keep your rental rates at par with those in your location.
Setting things up for a market comparison begins with obtaining full information about your own rental homes. Some of the things you’ll need to know to include 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 acquired all the useful information about your own Atlanta rental property, you can then look at similar rental homes that are nearby. In the same way that the asking and the final purchase price of a house can differ, so can the estimated and proposed numbers vary from the actual rental rates.
A dependable market comparison can show you what homes like yours are renting for, and it will help you in making your decision to raise or lower 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. On the flip side, if the properties around your location are renting less than yours, decreasing your rent to match can easily attract new tenants and lessen the amount of time the home is 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 great news is that the professional property managers at Real Property Management Executives Greater Atlanta can help out. We know how the rental market in Atlanta 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 678-504-8580. We’ll be glad to talk to you about our FREE market rent assessment.
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