A rental property that is priced too high sits without a tenant and costs you money. A rental property priced too low doesn’t allow you to get the best yield on your property. A rental property priced just right gets you a great set of tenants to select from and maximizes your return on investment. We invite you to find out how to price your Long Beach rental for maximum return in any market.
Comparing Your Rental to the Competition
The first aspect that we evaluate when we are looking to price a rental on the market are the comparable properties that have rented. For this element of the evaluation it is important to evaluate the core aspects about the subject property such as the number of bedrooms, number of bathrooms and the size of the property against the other properties that have recently been rented. Using these baseline metrics one can get an idea of what your property could yield in rent.
Comparable rent data is one of the most difficult portions of the equation to acquire when you manage one rental. We have the advantage of managing over 800+ properties on any given month and utilize specific industry software to help us compare other rentals in the subject property neighborhood.
Availability of Rentals in the Neighborhood
Just as in any market the aspect of supply of available rentals will have an impact on the monthly rent. When renters have a number of options available to them they can easily go to the competition vs. your rental which can put downward pressure on the monthly rent you could achieve. Likewise when there are a limited number of rentals for lease available in a neighborhood (think Belmont Heights or Park Estates) then you could see the ability to get a stronger yield on the monthly rental amount.
Condition of Your Long Beach Rental
One of the reasons we meet with every property owner at the residence for a walk-through, even before we work with them, is to help us gauge the condition of the property. In our experience the stories you hear of owners stating “it’s just a rental” when it comes to how a property is treated is not how we like to prepare homes for rent.
When we walk a property most often we see that properties suffer from paint that has lost its luster and flooring that has been well used over the years. Re-painting, even if it’s touch-up, and cleaning the floors can make a big impact to the rental price. Take time to
evaluate your property after each tenant
looking at anything from electrical sockets to dripping faucets to ensure that everything is in great shape.
Being able to attract a tenant who will pay your desired rental price and for rent for years to come means preparing the property so the condition is truly move-in ready. This doesn’t mean you have to have sparkling granite and stainless appliances (although these
features and property upgrades
would allow you to get an even higher rental amount), it simply means that the property needs to allow a tenant to open up the doors and start enjoying the home.
Unexpected Property Features that Could Increase Rent
Unexpected features are items that aren’t common to properties within a specific neighborhood but ones that can attract a select group of tenants. For example, consider a dog run. A dog run is a great feature for those that have a dog and, if you allow pets in your rental, a nice enhancement to a property. Another unexpected feature is a storage shed. Many tenants have come from other states and have additional items in a local storage facility. If your property has a smaller shed this could enable a tenant to forgo their 3rd party storage and allow you to charge a small premium on your rental. With the uniqueness of properties in Long Beach there are far too many unexpected features to mention, but taking the time to understand what renters want will help you to price your rental with the added features.
Pricing your rental property in Long Beach will come down to many factors and even dictates the volume of prospective tenants that you can receive. When you want help pricing your rental, in any market, we invite you to call us today at (562) 888-0247. Or if you prefer a complete evaluation of your property we invite you to fill out our
Free Rental Analysis.
