Pricing your rental requires knowledgeable expertise of current market conditions.
Your Residential Renters Consultant will advise you of the following factors when assisting you in determining a listing price for your rental:
- What have renters recently paid for similar properties?
- Will this price attract enough attention by renters to generate showings and acceptable offers?
- What properties are competing for the attention of renters right now?
- What properties have not rented, indicating what prices renters are unwilling to pay under current market conditions?
Consider the following:
- If the listing price is set outside of the proper parameters, potential renters may be deterred from consideration.
- Arriving at the optimal price requires evaluation and understanding of current market conditions, the marketable features of your property and recent trends in the rental market.
- The closer your rental is priced to fair market value when it first comes on the market, the more likely it will rent quickly at the highest price.
- The higher your rental is priced above market value, the fewer number of available renters.
Pets or No Pets:
If you are hesitant on allowing pets, you may want to consider the following:
- Residential Renters Consultant can implement safeguards to significantly reduce risk.
- Pet insurance can be required.
- Pet Agreements can be provided to renters defining terms and conditions.
- Additional Pet Deposits & Monthly Pet Fees can be incorporated.
- There is a large population of qualified renters who have pets. Providing accommodations will greatly increase your marketability.
- More apartments are allowing pets in order to maintain competitive advantage.