Choosing The Correct Price
Choosing
the correct price means you get the most rent for your home without
scaring away potential tenants by overpricing. Factors to consider
when determining the correct price include:
TIME OF
YEAR
Homes usually rent faster during the warmer months, between
March and October. Summer months are often the best because families
with children generally try to move while school is
closed.
COMPETITION
How much are
other houses in your neighborhood renting for? No matter what your
house is worth, if other similar homes in the area are underpriced,
tenants will generally rent that home first.
CONDITION
How much wear and
tear do items such as carpet and vinyl have? Do the walls need to be
painted? Is the lawn and yard mowed and free of weeds? Is the neat
and free of unnecessary clutter?
UNUSUAL
FEATURES
Does the property have any outdated or functionally
obsolete features which cannot be easily corrected? Examples include
small rooms, lack or central cooling, low number of bathrooms or the
absence of a stand up shower, or even the lack of kitchen cabinet
space. Would the additional rent which could be earned by updating
other features -- such as blue or pink walls, old wallpaper, or shag
carpet -- make those changes worthwhile?
LOCATION
Is the home located
near a busy street or in a cul-de-sac? Next to apartments or a park?
Does it face a busy shopping center or a wooded lot? Is it next to
the neon pink house with the junked car, or next to the yard of the
month? Is your condo on the first or second floor?
