Setting the right rental price for your Chula Vista rental property is an important part of putting it on the market. There is a lot of free information you can obtain by going to websites like Zillow and Trulia to get a general idea of what you can expect for rental prices on a specific property. These resources are valuable, but they do not always tell you how much you’ll actually be able to rent your home for. There’s really not an exact science, but there are things professional property managers in Chula Vista do to get an accurate and competitive price.
Find a Competitive Rental Price
First, we like to conduct a rental survey. This is similar to a comparative market analysis that’s done in real estate sales. We factor in the features and benefits of similar properties that are currently for rent or that have recently rented and we see how they match up with your rental property. Then, we settle on a competitive price so that high quality tenants will choose your home over the other properties currently available.
Why Not Charge Higher Rent?
There are benefits and challenges to asking for a higher price on your property. Many property owners want to ask for more than what their neighbor’s home went for. This might net you a little more money on a monthly basis but there are two disadvantages. First, your home will spend more time vacant. Waiting for a tenant to pay more will cost you rental income by extending your vacancy. Also, the only people who are willing to pay more for a property are the people who no one else will consider as a prospective tenant. These applicants will have horrible credit or they can’t verify their income or they have bad references from prior landlords. They are desperate for housing, so they’ll pay more than what good tenants are willing to pay. It’s always a red flag.
Setting the right price will get you a better pool of tenants to choose from, so take the time to do some market research and ask for a rent that’s competitive. If you have any questions, or if you need help deciding on how much to ask for your property, please contact us at Elite Property Management, and we’d be happy to help you.
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