Tracking Local Rental Market Rates

Savvy landlords know that setting the appropriate rent rates can mean everything. Charging too much will keep your units open longer, charging too little may mean little or no profit and possibly may bring tenants that are less desirable. Your rent also partially determines your reputation in the market. Fair landlords charge reasonable rates and are usually respected, unfair landlords charge too much rent for the property and tend to withhold security deposits which quickly disturbs tenants and local advocacy groups.

To set the right rate for your rental unit you'll want to know what the local rental market rate is. Each town has different pockets of rental units with different price ranges and this should be your first consideration. Is your property location desirable or less popular than some other locations in town? The next thing you'll want to consider is the economic environment of your community. Has a large factory or business recently shut down? Are unemployment rates on the rise? Or are you living in a community that has a booming economy and more people are flowing into the region? These are factors which can also help you determine what rental rate to charge.? And finally, you'll want to keep your finger on the pulse of your local rental market. Are other landlords having trouble filling their units? Are landlords offering discounts, free cable or internet or other incentives?

Know your market, know your target audience and keep your pulse on the community so you can track your local rental market rates and get the right tenants for the right price.

Kristin Kizer
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