Unsure of how to price your Gilbert, AZ rental property? Read this report from Get MULTIFamily (+1-602-842-5050) to find out how to calculate your monthly asking price and benefit from their property management services!
The listing price for your rental property can drastically affect the quality and number of your tenancy applications - enlist Get MULTIFamily’s help to benefit from their market experience and take advantage of their landlord portal!
In a recent report published by the multifamily real estate management agency, the experts emphasize the importance of researching comparable properties in your area, known in the industry as “comps,” to set the right rental price based on market averages.
You can read the report for yourself by visiting https://getmultifamilypm.com/2022/04/08/how-to-price-your-rental
Get MULTIfamily’s latest report explains that, although you can determine the rent for your property by yourself, you also have the option of turning to a property manager for help. If you are new to property leasing, you may be questioning how much you should be charging for rent. Similarly, if you have been leasing for a few years, you may be wondering if you could be earning more from your real estate investment.
The authors further explain that while asking for a fee above the market average may deter prospective renters, listing your property too low can prevent your lease from being a worthwhile investment at all. You should also factor in how long it may take for you to find the right tenant, during which time you will have to cover the mortgage, insurance, tax, and other expenses without relying on the passive income you would otherwise get from an occupied property.
While researching the market, the multi-family property experts recommend you consider the amount tenants are currently paying to live in similar real estate within up to two miles of your property. In addition to your home’s location, square footage, and number of bedrooms, the price should also reflect the amenities featured, including laundry, outdoor space, and parking availability.
Get MULTIfamily's report indicates that, based on this information, you should generally charge between 95% and 105% of the average listing price of comparable properties. Going above or below the market average depends on ‘intangible’ aspects that contribute to your property’s desirability, including local transport links, school districts, public infrastructure, and crime rates.
These additional factors can vary substantially depending on the needs of your potential renters. As such, it may be a worthy investment to enlist the help of a property manager to benefit from their awareness of local trends, insider knowledge, and market expertise.
About Get MULTIfamily
The expert real estate management team at Get MULTIfamily understands the complex fluctuations in the market and can help you maximize your multi-family property investment. Through the agency’s 24/7 online portal, you can browse your leases, access financial statements, and collect rent.
Get MULTIFamily can help you set the optimal listing price for your rental property - call them today at +1-602-842-5050!
Enlist the agency’s help at https://getmultifamilypm.com/2022/04/08/how-to-price-your-rental
