Pricing your Brentwood rental property correctly is a critical part of reducing vacancy and attracting a well-qualified tenant. We wish there was some scientific formula that we could rely on, but it often requires experience in the local market and an understanding about what good tenants are willing to pay.
Every rental property is unique, and while you might have an idea of how much your home is worth to you, the way you price your property will actually depend on a number of factors. Some of them you can control, and some of them you cannot.
Get to Know the Brentwood Rental Market
One of the things you have no control over is the strength and condition of the current rental market. The price on your rental home will reflect what’s going on in the rental market. If there’s a high demand for properties like yours, you’ll be able to price it a bit higher. If there’s a lot of competition and not as many tenants looking for homes, you’ll have to lower what you ask.
The requirements and preferences of tenants often change, and today those tenants are more educated than ever. Qualified renters won’t be willing to pay more than the market dictates.
Before you price your property, make sure you take a look at the market. Get to know what homes similar to yours and in your area are renting for. Do a comparative analysis so you know how your own home measures up. This is the first step in determining how much you can rent your home for.
Property Location and Rental Value
Your property’s location will influence its price. If you have a single-family home in a neighborhood with a good school system, you’re going to be able to charge a lot more than you could if your property is in a less desirable zip code without access to good schools, commuter routes, and shopping. People want to live close to where they work, go to school, and enjoy recreational opportunities. Walkable neighborhoods are in high demand. Properties that are more remote will often rent for less.
Consider Property Size and Condition
The size of your home will also impact the price. For single-family homes, a three-bedroom, two-bathroom home is usually going to earn more than a home with just one bathroom or two bedrooms. Very few people want to rent a 10-bedroom mansion. However, a condo or loft space in downtown Brentwood can be very appealing even if it’s a studio or a one-bedroom. In multifamily properties, amenities can make a difference in pricing.
Property condition is one of the pricing elements that you can actually control. Good tenants are not interested in worn and run down properties. Keep the home well-maintained, and make some strategic upgrades and updates. You can charge more rent when you upgrade with fresh paint, new floors, and better lighting. These minor investments will not only raise your rent; they’ll also attract better tenants.
If you need help pricing your Brentwood rental home, please don’t hesitate to contact us at Parks Property Management. We’re here to assist with all of your leasing and management needs.