How do you know if you are paying a fair value in rent in Long Beach?
Dustin Edwards • March 19, 2021
Or if you are a property owner are you getting fair market value for your property?
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.
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Have you considered including utilities in your rent? Here are some of the most common utilities that help tenants see a greater value on renting your property
Your property’s roof is its first line of defense from the sun, rain, and wind. Which means it will eventually wear out. Many landlords overlook this since a roof is generally designed to last twenty or so years, and they simply forget until the signs begin to show. Below, we’ve compiled a short list of five signs it’s time to replace your roof for when doing property inspections. Tenant Complaints When your roof has become damaged, your tenants will likely be the first to notice. When tenants report water stains on the walls and ceilings, it's a sign that you should inspect your roof. In severe cases, your tenant may notice water dripping from roof leaks. This moisture, if left unchecked, can lead to the growth of mold and mildew, which can be a health concern for your tenants. Some tenants simply move out, assuming the odors or recurring respiratory issues are caused by the rental and not just the roof. This leaves you with a vacancy to manage, and if you’re unable to find the leak during this period, the following tenant may have a negative experience as well. Many landlords have found it beneficial to have property inspections regularly in order to preserve both the property’s value and the tenant’s trust. Roof’s Age Even with the highest quality materials, a roof still has a shelf life. Most roofs in Long Beach, CA, use asphalt shingles, and these generally last around twenty to twenty-five years. Once they've passed this threshold, the faults begin to show themselves. A sagging roof line is a sign that your roof is due to be replaced, as it's a serious concern. It often indicates that moisture has entered the underlying decking and caused some structural damage. From ground level, you may not be able to notice these problems. However, during an inspection of the property, an experienced inspector should be able to notice soft spots or contours on the roof. These forms of damage often get worse over time. Coordinating these inspections and preventative maintenance can be difficult for landlords with an extensive portfolio, which is why many enlist help. Shingle Damage Damaged shingles are one of the most obvious signs that your roof is deteriorating. If you ever notice cracking, curling, or patches with missing shingles, the roof is no longer providing adequate protection to your property. Although you can buy time with spot repairs, if the entire roof shows signs of damage, it’s likely time to replace the roof. Aside from protecting your property, the roof affects your property’s curb appeal. A patchy and worn-out roof can drive down the rental appeal. Prospective tenants will easily be able to spot the differences between pictures taken in the listing when compared to the property in person. This can not only hurt your chances of filling a vacancy, but it can also hurt your reputation as a landlord. Granules in Gutters After heavy rainfall, it's a good idea to inspect your rain gutters. If you or your property manager notice large amounts of black or gray granules, it means your roof shingles are breaking down. These granules are critical for shedding water off the roof. Once the granules fall off the shingle, the shingle begins to degrade faster under the sun and elements. If you’re not sure how old your roof may be, Loss of granules can be a strong indicator that your roof is nearing the end of its lifespan. Regular gutter cleaning and roof inspections can help catch these problems early before they become expensive repairs . Increase in Utility Bills Your tenants complaining about their utility bills increasing or poor temperature control in the rental may not realize the roof is to blame. A failing roof can result in subpar insulation and ventilation. This can lead to higher heating and cooling bills for your tenant. This can be frustrating for your tenants while putting more strain on the HVAC system. This puts more wear and tear on your HVAC system. Being aware of the warning signs and being proactive can protect your rental property, maintain tenant satisfaction , and avoid emergency repairs. If you need help inspecting your roof or you need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
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