14 Oct How Much Should You Charge for Your Seattle Rentals?
How much should you charge for rent? This is the perennial question for property owners, and it’s one that doesn’t have an easy answer. You can look at the homes around you, but you really need to know how much your property is worth. Working with local information and local professionals can help you set the best rental rates for your properties.
Understand Your Space
How does your rental property compare to others around it? How is it similar to others in neighborhoods around the city? Every home is different, and especially in neighborhoods with diverse homes, you need to take the home style, square footage, age, layout, and outdoor spaces into consideration. You also need to consider the local conditions. A home in the middle of a quiet street could have a higher value than a home on a busy corner simply due to the location. According to Smart Asset, “a good first step is figuring out what your home’s currently worth in the market. That amount could be different from the price you originally paid for your home.” Setting your rental price can take a lot of research, and it’s helpful to work with professionals who understand the rental business in your city.
Know the Rental Market
As you research the rental market, you need to know what factors influence the market in your particular area. These could include:
- Transportation links. How easy is it to head downtown or to other key areas of interest in the Seattle region?
- Proximity to educational institutions. If you’re close to a college campus, this will affect the tenants interested in your properties.
- The history of the neighborhood. Does the area have a good reputation?
- The neighborhood amenities. What recreational, educational, outdoor, and cultural opportunities are available for your diverse tenants to enjoy?
Neighborhoods change, and rental rates change as well. You need to constantly be aware of the changes in the rental market and determine whether you should change the rent in response.
Add Value to Your Seattle Rentals
There’s a home, and then there’s a lifestyle. If you are managing rental properties, you need to consider how to add value to the properties that you manage. For example, a home with a basic garden that’s a little run-down will not have as much value as a home with a well-maintained and attractive garden. A home that has an older patio with cracked concrete won’t have as much value as a home with a newly-finished or well-maintained outdoor living space.
Higher rents are common in Seattle rentals that are kept in good condition. But property maintenance can be time-consuming and it can require a deal of effort. Which is why savvy property owners partner with an experienced property management company that can handle property maintenance and other details. Professionals who understand the Seattle property market can help with everything from finding the right tenants to collecting rental fees and keeping up with property maintenance.
At Lori Gill and Associates, we’re dedicated to helping you build your rental business. We know Seattle rentals, and we can help you research your rent, manage your properties, and find your tenants. Connect with us today to learn more about the services that we provide.