To make sure that your Kissimmee rental homes are leased out at a competitive rate, conducting regular market comparisons is a must. In addition to the multiple seasonal maintenance and repair tasks, assessing market rental rates should be on your spring to-do list. These are required for proper property management. It doesn’t matter if you’re dealing with long-term tenants or preparing for new ones, a market comparison can make sure your investment homes remain profitable and your rental rates competitive with those in the area.
Preparing for a market comparison starts with acquiring complete information about your own rental homes. The information you’ll need for each rental home includes the square footage 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.
After getting all the information about your own Kissimmee rental property, explore that same neighborhood and look into similar rental homes. In the same way that the asking and the final purchase price of a house can differ, so can estimated and proposed numbers vary from the actual rental rates.
A reliable market comparison can show you the price that homes like yours are renting for right now, and it will aid you in finding the optimum level for 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 other hand, if the neighboring rental homes are renting for less than yours, bringing down your rent will quickly attract new tenants and shorten the amount of time of the home’s vacancy.
A market rent assessment may seem like it needs a lot of effort put into it, but it is a crucial part of ensuring that your investment properties stay profitable. The good news is that Real Property Management South Orlando have professional property managers eager to help. We know the rental market in Kissimmee and the areas that surround it. This ensures that no matter where your rental homes are located, they will have a competitive price. To know more about our FREE market rent assessment, please contact us online or give us a ring at 407-982-2000.
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