In the world of real estate there are many checks and balances to determine proper pricing. With the process of buying or selling a property there are sources to evaluate where you can see what has sold in the area with similar configurations (i.e. similar square footage, number of bedrooms, number of bathrooms, etc.). As sales are recorded on title, largely due to loans needing to secure their positions, then it is easy to see how there is plenty of data to determine a property value when it comes to buying and selling.
When it comes to understanding rental amounts the data isn’t as easily accessible. Leases aren’t recorded on title which makes it challenging for both property owners and prospective renters to understand where the apex of underpriced, fair, or even overpriced exists. Don’t worry though there are ways to understand the right price to help you understand the right value in any market.
For Prospective Tenants
When you are a prospective renter it can be challenging to compare rental amounts, especially in markets where there can be 10, 20 or even more applications for a single property. Even if there are many applications and you really want to live in the property it is important to understand the value; just to make sure you understand why there are so many applications.
There is a publicly available site,
Rentometer, where you can enter the fundamentals of a rental listing (rental amount, number of bedrooms, and number of bathrooms) and you see if the rent is at or below the average, median, etc. Take for example the following screenshot of a rental listing using the Rentometer website.
The above example is a property that we have marketed through Beach Cities. In this particular case the Rentometer site shows that we are marketing the property at the median ($2,895) which is a great spot to be in for both the property owner and the prospective tenant.
For Rental Property Owners
If you are an owner of a rental property in Long Beach or the surrounding cities then you could certainly use the Rentometer site as well; however, you can get even more detailed information. As a
property management company
we not only have a portfolio of more than 800 local properties we manage, we also have an innovative property management platform that allows us to research the rental market by address to help our property owners understand how they can maximize the rental amount.
When we evaluate a rental property for an owner we can dive into additional details such as features of the home (pool, outdoor area, etc.) as well as locality specific items such as exact location (busy street vs. interior street) to help our property owners understand how long they can expect their property to take to get rented as well as the amount they should expect each month in rent.
If you’d like guidance on if a rental property is fairly priced we invite you to call us today at (562) 888-0247 as we’d be happy to help. When you want a quick check to see how much your property could fetch in rent we invite you to fill out our Free Rental Analysis where we perform a comprehensive comparison to share your rental stacks up to the competition.
