To make sure that your Rosemead 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 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. You’ll need information such as the square footage of each rental home, and also 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 gathered all the relevant data regarding your own Rosemead rental property, you can begin looking at similar rental homes in the same neighborhood. 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 solid market comparison can reveal the rate homes like yours are renting for, and it will help you determine the best price 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 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.
While a market rent assessment may take a lot of work, it is vital in keeping your investment properties profitable. The good news is that Real Property Management East San Gabriel Valley has professional property managers eager to help. We understand how the rental market in Rosemead works, along with the rental markets of the surrounding areas. This assures you that your rental homes will always be competitively priced no matter where it is located. Please contact us online or call us at 626-600-2884 and ask about our FREE market rent assessment.
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