The most ideal means to guarantee that your Clinton Township rental homes are leased at a competitive rate is to perform periodic market comparisons. In addition to the many seasonal maintenance considerations and renovation tasks that property management calls for, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether you have long-term tenants or are in the process of searching for new ones, a market comparison can retain your investment homes’ money-making capabilities and your rental rates in keeping with those in your location.
Planning for a market comparison originates with gathering thorough knowledge about your own rental homes first. You’ll have to get the square footage of each rental home, together with 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.
When you’ve collated all the needed information concerning your own Clinton Township rental property, you can start observing comparable rental homes in that same place. 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 complete market comparison can tell you what properties like yours are, at this time, renting for and help you to identify whether you can safely maximize or minimize 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. However, if properties alongside yours are renting for below your rate, lessening your rent to follow suit can more readily captivate new tenants and lessen the duration the home lasts untenanted.
Though a market rent assessment may sound like a considerable amount of work, it is a significant characteristic of keeping those greatly valued investment properties profitable. The positive news here is that the professional property managers at Real Property Management Metro Detroit can provide assistance. We take in the rental market in Clinton Township and the surrounding vicinities, assuring that, it doesn’t matter where your rental homes are established, they are competitively priced. Contact us online or give us a call at 248-808-6550 and ask about our FREE market rent assessment.
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