Most every landlord looks for ways to get top dollar rent for their rental property, and with good reason. Expenses related to owning property have risen, such as taxes, insurance and maintenance. As a result, property owners want to offset these rising expenses and still have a competitive return on their investment. So, what should your Greenville property rent for? What factors determine what your property is valued at?
In most cases, it is based on market conditions and what tenant's are willing to pay. For example, in an appreciating market, where perhaps inventory is limited but demand is strong, tenant's are typically willing to pay more in rent. Once this trend starts, it becomes more and more obvious how much appreciation is taking place once you start looking at statistics, otherwise known as comps - comparing comparable homes in your general area and determining what recent properties have rented for. Homes in planned communities, condominiums and town homes will typically lease within a certain rent range, so comps are invaluable. Custom homes, on the other hand, require a little more research.
However, there's still a little more to pricing a rental property than just comps. Every property is unique. Each sits on its own specific parcel. Each has its own finishes, perhaps even upgrades. These can affect the price point further, both in a positive or negative way. As a result, good comps along with a property evaluation go along way to determine what your home can rent for.
Good property management takes into consideration various factors to maximize an owners return on investment.
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