To guarantee that your West Allis rental homes are leased at a competitive rate, make sure to administer regular market comparisons. On top of the required property management tasks such as seasonal maintenance and repair, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether you’re getting ready for new tenants or handling long-term ones, a market comparison can ensure your investment homes stay profitable and your rental rates in line with the other homes in your area.
Setting things up for a market comparison begins with obtaining full information about your own rental homes. You’ll need information such as the square footage of each rental home, and also the age and condition of each major element. From the roof to the appliances and everything in between, you need to have a clear picture of your rental property before you can be sure you’re doing a direct comparison to other rentals in your area.
After getting all the information about your own West Allis rental property, explore that same neighborhood and look into similar rental homes. In the same way that the asking and the final purchase price of a house can differ, so can estimated and proposed numbers vary from the actual rental rates.
A reliable market comparison can show you the price that homes like yours are renting for right now, and it will aid you in finding the optimum level for your rent. If comparable properties are renting at rates higher than you have asked for in the past, increasing your rent can lead to increased income without losing your competitive edge. The reverse is also true; if the properties in the neighborhood are renting for less than yours, lowering your rent to be more competitive can make it easier to attract new tenants and reduce the duration of the home sitting vacant.
A market rent assessment may seem like it needs a lot of effort put into it, but it is a crucial part of ensuring that your investment properties stay profitable. The good news is that Real Property Management Greater Milwaukee has professional property managers willing to help. We understand how the rental market in West Allis works, along with the rental markets of the surrounding areas. This assures you that your rental homes will always be competitively priced no matter where it is located. Ask us about our FREE market rent assessment; don’t hesitate to contact us online or call us at 262-309-6961.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
