Real estate prices in Atlanta, GA are leveling out so how should you price your property? As a rental property owner, this is one of the most important decisions you’ll make. This can be a difficult process because you need to balance what you want to earn with what potential tenants are willing to pay.
It's essential that you do your research and get an accurate sense of the rental market in your area before setting a price. Let’s break down some tips on how to price your rental property.
Research the Local Rental Market
The first step in pricing your rental property is researching the local market. Take some time to look at comparable properties and see what they are renting for in your area. You can use websites such as Zillow or Craigslist to find out what renters in similar situations are paying for housing.
This will help you set realistic expectations for what you should charge for rent on your own property. Don't forget to consider the amenities offered by other rentals. Factor in things like washers and dryers, dishwashers, and parking spots that may add value.
Set a Competitive Price Point
When it comes time to set a price point, remember that it needs to be competitive with other rentals in the area. It should also be enough that it makes good business sense for you. Don’t just look at current prices.
Take into consideration any projected increases or decreases in rent over the next few years so that you don’t end up underpricing yourself. Keep in mind that higher rents may turn away potentially long-term tenants who are looking for something affordable.
That said, try not to underprice yourself either; if you set too low a rate for rent then it might not be worth investing in any upgrades or improvements as there won't be enough return on investment given how little people are paying each month.
Understand Local Regulations
Make sure you understand local regulations when setting prices for your rental property. Some areas have laws and ordinances in place which limit the amount landlords can charge tenants. Others may require that landlords provide certain amenities such as smoke alarms and carbon monoxide detectors free of charge (always check with local authorities).
There are laws that say how much landlords can charge for rent. If you know these laws before you start renting out your property, it will make sure that you are charging the right amount and following the law.
Accurately Price Your Rental Property
Accurately pricing a rental property isn't always easy. Doing research into comparable units and understanding local regulations can help ensure success when setting rates for tenants. Competitiveness is key when it comes to pricing rentals.
You will maximize both occupancy rates and profits without compromising quality or service level expectations from potential tenants. Let us help you with all the steps involved in renting your property. Contact us today to get expert guidance and expertise on investing in rental property in Atlanta.
