As a landlord or a property manager are you doing all that you can to get the market value for your rental property? Taking the time to calculate rent prices is one of the best ways to make sure you are not shortchanging yourself.
It can be a challenge to do all the “leg work” yourself to come up with an average neighborhood rent analysis. Using a rent estimator tool can be an easier way to calculate rent prices and to ensure that you are not undercharging or over charging.
Why a Rent Comparison Analysis is Important
There are two negative results when you do not take the time to average neighborhood rent. The first scenario is that you are undercharging for your rental. Of course, undercharging means you are losing money each month.
Losing money is not what property rental is about but if you do not know what the neighbors are getting for their places, you cannot know the value of yours. On the other side of the coin is the mistake of overcharging for your rental.
One of the primary goals with rentals is to generate income and keep the rental occupied. Overcharging for a rental space can mean months of it not being occupied. If your goal is to keep a tenant in your property, then you must know what the asking price is in the neighborhood for similar properties.
How to Find Average Rents
You have two choices when you are trying to find the market rate for your rental. You can spend days collecting data and analyzing it yourself, which is time consuming, or you can use a landlord app that does the work for you.
The latter option is of course the more reliable, time saving option that can provide you with the detailed information that you need. The right neighborhood search tool will deliver a range of information that you can use to calculate rent prices for your property.
Doing a rent comparison analysis can be simplified when you have an easy to use app. The information you need will be available in seconds. You will be able to make informed decisions based on accurate information.
Stop shortchanging yourself or overcharging and keep your rentals occupied with ease by using the right landlord app. It is a simple solution that delivers great benefits.