If you want to have your Dublin rental homes leased at a competitive rate, you should do regular market comparisons. Along with the multiple tasks for seasonal maintenance and repairs that are needed for proper property management, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether the tenants you have are long-term or if you’re preparing for new ones, a market comparison can see to it that your investment homes stay profitable and keep its rental rates in line with those in your location.
The initial step in preparing for a market comparison is to gather comprehensive information on 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 gathering all the data about your own Dublin rental property, start browsing around that neighborhood and look for 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 good market comparison can show you how much homes like yours are presently renting for, and it will help you decide whether you need to increase or decrease 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. On the flip side, if the properties around your location are renting less than yours, decreasing your rent to match can easily attract new tenants and lessen the amount of time the home is 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 excellent news is that the professional property managers at Real Property Management One can help you. We understand how the rental market in Dublin 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. Don’t hesitate to contact us online or give us a ring at 925-794-8339 to know more about our FREE market rent assessment.
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