How to Decide The Amount of Rent
You have a rental property in Las Vegas and not sure how much you should charge for rent? Property management companies can help you and offer you the following services as well;
- Place advertising for you
- Show the property
- Review applications, screen applicants, and conduct background checks
- Prepare lease documents
However, if you want to do all by yourself, the best place to start is by look and check similar properties in your area for the range of prices to set for the rent amount.
Supply and demand are factors to consider. If you’re near a college campus for example, there is a constant demand for rentals. But even if your property is in a trendy or high-demand area, if your property is in disrepair, has maintenance issues, or lacks amenities, you can’t ask the same price as a well-maintained property.
Other concerns include your property features. Clubhouses, workout facilities, walking paths, tennis courts — all affect a renter’s decision. Square footage, floor plan, and even the view influence the rental rate.
Basic amenities like dishwashers, laundry facilities, fireplaces, covered parking, and cable TV have a great effect on rental rates.
There are market factors to consider as well. For instance, when rent is equal to or exceeds a mortgage payment, tenants will do the math and realize it makes more sense to buy.
After all is said and done, testing and tracking is a time-honored way of setting rent prices. Also it’s easier to lower prices than to raise them. Finally, if the rental market is soft, it might be a good idea to offer small things like a free month of cable TV etc.
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