There has been a rise in rental rates in Sandy Springs, as in several other U.S. cities. How much rent do you think your home is worth? We suggest switching to a more calculated pricing structure. First, you need to research the going rate for rental properties like yours in the area. Then, think about the advantages of your land. What sets it apart from similar products?
How much rent you should ask for your Sandy Springs property depends on several factors, some of which are discussed below.
The Sandy Springs Leasing Market and Its Rivals
Most rental increases over the past year have been in the double digits. It is essential to analyze the current market to establish the appropriate rate for your property, whether you are fixing the rent on a vacant unit or wondering how much to raise the rent on an existing unit.
Take a look around your immediate area first
Consider the market value of comparable homes. Consider other single-family homes in your area that are the same size as yours (three rooms and two bathrooms) and located in the same neighborhood (school district and zip code). Where have they rented it lately, and what for? To attract buyers in a market with many similar properties, you may need to lower your asking price.
Accurate rental information is crucial for setting property values
For a reliable price range on a rental, you’ll need accurate statistics. Don’t bother looking at rental properties that were posted more than a year ago. Get in touch with a property manager in Sandy Springs and look at what’s available. The reliable rental analysis is typically known for free from a local market expert who does this work regularly.
It would appear simple to research rental prices on sites like Craigslist, Zillow, or Zumper. But, you shouldn’t put too much stock in these details. Although many assume these prices are correct, they are not always reliable. You have no idea what the final price or the owner and tenant settled on in terms of the lease. Utilities may be included in a higher rent price. A two-year lease may entitle you to a discounted monthly rent.
Expert knowledge is the gold standard
Once you know the local and national averages for your rental property’s category, you can evaluate your home’s competitiveness. Did you make any recent changes or improvements that could justify a price increase? Is it true that, unlike other rentals, yours has a washer and dryer inside the unit?
A well-kept house will always fetch a higher rental price than one that has been neglected. Take care of any maintenance, upgrades, or updates that will increase the rentability of your property.
When setting a price for your home, you’ll need to think about more than just the current state of the real estate market. Tenants prefer living near a variety of services and amenities. Rents in desirable areas tend to be more expensive. When school is out for the summer and early fall, you can expect a higher volume of prospective tenants. During those times, you can ask for the highest possible rent.
Cost of Renewal Rents
We will always take the tenant’s length of occupancy and the home’s condition into account when determining the renewal rent increase. Tenants who are consistently late with their rent payments may see a larger increase in their rent than cooperative tenants. It’s not worth risking losing that good tenant and paying high turnover fees.
There is a lot to think about, but we can guide you through it.
We’re here to give you our honest opinion of how much money you can expect to make from renting out your home. You can reach out to us at Tameka Manns.