“How much rent should you charge in the Austin and surrounding areas?”
A rental analysis is the most important tool and data to have when renting a residential or commercial property.
Rental income is what an informed landlord or investment businessmen look after when they’re holding one or more properties. In most cases, it can create a nice flow of passive income that only increases over time, and an added bonus is the ever-increasing value of your property. But you must first set a rental price for your home to list it in the available rental market in the area.
An old rule is that you should charge nothing less than 1% of your house’s total value. But a more realistic approach for long term rental agreements suggests a 0.5% to 0.7% rent, which of course increases with your house’s value. But a house rent may increase or decrease depending on its location, age, amenities, and various other factors. Here is a list of the most important things to consider when setting rent for your home.
What is your average local rent:
A very easy way to access the rent of your house is to look for the average rent of houses nearby. While rents can vary vastly from block to block, they are usually the same within a specific area or location. The good idea is to make a list of the rents of all the similar, nearby houses and calculate an average.
A comprehensive Rental Market Analysis will provide an owner or investor the information needed to assess a clear and fair rate based upon the market. Do a quick analysis of the local rental market to deduce a conclusion.
Look for rental comps:
Comp is a property that has similar properties and is comparable to your house. These factors include the same location, size, amenities, and condition. Seek at least 3 to 4 other rental units that are comps. Also, you can compare and upgrade certain things in your home to get its rental value higher or at least equal to the nearby houses.
We can help you with all the processes needed to acquire rental data to position your rental(s) appropriately. And as a premier Austin Property Management full-service firm, Rave Property Management provides this for free. This method is actually way better than doing it yourself or hiring a single agent.
Contact a local property management company:
A comfortable way to get an idea about the rental potential of your home is by experiencing The Rave Factor with an experienced, friendly-professional property expert. We’re well equipped with all the skills, knowledge, and expertise you’ll need to get the rent of your house accessed.
You can then analyze that data to come to a reasonable and realistic conclusion; and as an added value includes a free consultation to discuss what’s in the best interest of the property. You can connect with our team easily. We cover Round Rock Property Management, Georgetown Property Management, Steiner Ranch Property Management as well as many surrounding communities.
Value of the rental market analysis:
Requesting a rental market analysis by a reputable local real estate firm like Rave Property Management (especially for Austin and nearby areas) is your best bet. We offer a free market analysis as we see the value in providing this information to a landlord, owner, or investor. We believe in the value of renting houses for others and working together to create win-wins for family households, individuals, and generate income for property owners.
Accessing your rental income is not an easy task alone, and as a property management team, we can do a targeted analysis of the latest market trends to give you a realistic number. You can get all of the above-mentioned steps done by a certified professional for absolutely free.