As an investment property owner – especially if you are new to buying rental real estate – one of the biggest questions that you likely have in mind is deciding how much to charge for rent.
Certainly, any savvy investor will want to obtain as high of a return as possible on their investment. However, charging as much as you possibly can may not always be the best strategy for getting – and keeping – your best long-term tenants.
Realistically, your rental amount will be determined by the amount that the market will absorb. In coming up with this number, you may need to do a bit of research – starting with what other property owners are charging their tenants for similar rental properties in the area.
With this in mind, some of the variables that you should consider include:
- The number of bedrooms and bathrooms in the property
- Whether the property is furnished or unfurnished
- Which utilities, if any, are being included in the monthly rent
- Is there a garage or covered parking
- Are you offering any additional amenities such as laundry and / or free Internet
- Is there an additional fee for pets
You can typically find properties to call about in your local area by scanning the ads on Craigslist, as well as in your local newspaper (online or offline version). You could also ask local property managers.
Likewise, by working with a property manager to get your property rented – as well as to work with your tenants throughout the time of their lease – you can save yourself a great deal of time.
As a property management company that focuses in the Orlando area, we have in-depth knowledge of Orange and Seminole counties, in addition to portions of Lake, Brevard, Osceola, and Volusia counties. We know what it takes to get your property leased quickly, so that it can begin to generate incoming cash flow for you.
For more information on how to get the most out of your investment property by using a property manager, give us a call.