Rental Market

Setting Your Rent Wisely: Monitoring the Rental Market and Competition

Finding the right rent amount in the Denver metropolitan area can be tricky. After all, you want to make a profit, cover the costs of maintaining and owning the property, offset damage and stay competitive. It’s critical to pay attention to the rental market around your property when setting rent, or your property might be sitting empty and costing you money.

The Importance of Knowing Your Rental Market

Even if your property has a lovely location or great amenities, there’s a good chance there are comparable rentals in the market surrounding you. Your prospective renters are looking at your property alongside those, which means that you are competing for their business when it is a renter’s market. If your rent is $600 more than a similar property nearby with similar amenities, why would a renter choose yours over that property?

Remember that the driving force behind pricing is competition and the rental market you are operating in. Some landlords overprice their rent and lose money as properties sit empty when a simple reduction in rent would fill the property and, over the long term, add up to more money than the rent reduction.

How Can You Set the Right Rent Price?

  • Neighborhood: Look at rental properties in your neighborhood and try to get as close to your precise location as possible. One side of town could be more alluring to renters, so look for things in your immediate area.
  • Bedrooms and Bathrooms: Next, look at properties in your rental market with a similar number of bathrooms and bedrooms.
  • New Construction or Old Construction: In general, tenants are more willing to pay a premium for buildings that are newer and more updated.

How do you find comparable properties? All County Denver Metro Property Management can offer you advice. Beyond that, you can look at ads for properties online at places like Trulia and Zillow. Talking to a real estate agent can also give you an idea, from their expertise, what a renter would pay for your property.

Experience Excellent Management from All County Denver Metro Property Management

All County Denver Metro Property Management offers all property owners competent and honest property management services. From rental market evaluation to tenant placement, we can assist with all of your needs. Our team of real estate professionals looks forward to hearing from you about how we can make your investment a stress-free asset and keep your tenants happy. Call us at (720) 575-6100 for a free quote.

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