When you’re trying to determine a rental price for your property in Marin, you need to prepare a market rental survey. This will help you evaluate the social and real estate condition of the market, analyze demand, and compare the differences in amenities and other properties. There are a few steps we suggest.
Review the Market Rental and Occupancy Rate
You need to know what’s going on in your micro-market. If there are a lot of rentals available, that will mean competition. It’s going to be hard to get out there and charge a higher price if there’s not a lot of demand.
Select Comparable Properties
Look for homes like yours. If you have a two bedroom, one bathroom home for rent, look for other homes that are similar in size and condition. Gather their rental prices and put it all into an Excel spreadsheet so you can look at it and compare prices to see what you can charge for rent.
Look at what your property has to offer compared to the others. Your building’s age and style will matter, as well as whether any utilities are included. You also need to evaluate your location compared to other neighborhoods. That’s what people will consider when they’re looking at your rental and others.
Determine Market Rate
Once you have all this information, see what the average price is for homes like yours, and determine where you are comfortable setting your rental price.
How to Maintain High Rental Prices
As a property owner, you want to make your property a place that tenants can call home. This will help you attract great tenants who are willing to pay top rents. Stay on top of maintenance issues. If you don’t, your building will deteriorate and you’ll have a hard time collecting income value. Lack of maintenance means you can’t charge the same amount of rent as comparable properties, and this will cost you a lot in the long run.
Commercial Property Management Marin
If you have a commercial property to rent, look for those long-term trends. See how the market is performing and if there’s a lot of space available. If there is not a lot of space available, your rent can be pretty pricey. Location also matters. It has to be a destination location, where there are other businesses. That creates a highly sought-after commercial property. Amenities matter for commercial properties too. Can people see the business from the street, and is there ample parking? Look at comparable spaces and see what they are renting for.
If you have any questions about these suggestions on pricing rental property in Marin, please contact us at Bayside Management. We’d be happy to help with any of your Marin property management questions.