When you’re establishing the rental value for your property, it’s important to get some professional help from an experienced Charlotte property manager. It’s easy enough to do your own research online, and you can even access a free rental analysis on our website and through other online resources. However, you have to remember that the rental analysis is automatically generated. It’s not perfect.
To effectively price your rental home, access the best data you can find so you can approach the rental market with some reliable information.
Value of a Rental Property Analysis
The free rental analysis will provide a good indication of what other properties are renting for nearby. You can set decent expectations for what you’ll earn on your own rental property based on the free analysis. However, you cannot replace the depth of experience and specificity that you get when a property manager conducts an individual analysis. This will involve walking through the home, checking out the neighborhood, and comparing your property to the competition.
Charlotte Rental Market and Rental Value
Property owners and property managers do not ultimately set the rent. This is set by the market. If you’re hoping to earn $3,000 a month on a property but everything else that’s similar is only renting for $1,500 a month, you’ll have to have something really special to offer if you want to find a tenant who is willing to pay double what the market demands.
To accurately price your home, it’s important to analyze the data carefully because no computerized report is perfect. Compare your property to those currently on the market because things change quickly. Maybe a home rented for $1,100 last month. A similar home next month may rent for $1,300. It really depends on what’s happening in the local market and economically.
Checking the Multiple Listing Service (MLS) is another important tool that tells us how the market is trending. We can see actual prices that homes have rented for. It also shows us how many days the property was on the market, which helps us manage the initial property pricing.
Property Condition and Pricing
While the market is not something you can control as a property owner, there are ways to increase the value of your Charlotte rental property. The condition of your property is something you can control. If your property is renovated and others on the market have not been, that’s a huge factor and it will allow you to price your property a little higher, as long as there are tenants willing to pay that price.
Unique features are also going to impact your rental value. If there’s an attached or detached garage, a garden shed or a workshop, or a fenced yard, you may be able to ask a little more. If you’re going to allow pets, you’ll have an easier time attracting good tenants for higher rents.
Think about the attractiveness of your property. Time of year will also have an impact. There may be a lot of demand or a waning demand because of the winter season or the holidays.
To properly price your Charlotte rental property, look at multiple sources of data. Take advantage of the free rental analysis, but then also look at online syndications and the MLS. Talk to property managers who lease other homes in the neighborhood.
We take all of this into account while setting your 21-day marketing plan. If you have questions about how to price your Charlotte rental property and lease your home quickly, please contact us at Alarca Realty.