The rental market has been on fire recently. With more people choosing to rent it has heightened the demand for properties for them to fill. That's great news for you as a landlord, but you'll need to make sure that you're charging appropriately for rent. Some states will put limits on how much you can charge (such as in rent regulated properties) and others may limit how much you may jump each year for rent. Even if your local laws don't, you'll need to really run your numbers to decide what you should lease your property out for.
When you begin to market your rental you'll need to list the price. Check out other rentals of similar value in your area to find what they're going for. Are they filling quickly? Do you offer more or fewer amenities and perks? If a potential tenant is looking at your property, likely they're looking at others in the area too and they'll be very careful over the choice that they make. It may be that lowering your rent price just a little or offering an other deal might allow you to fill the property more quickly.
Empty properties cost landlords money, after all, and you'll want the turn around time between tenants to be as short as possible. You'll need time for cleaning and repairs, of course, but don't let it sit empty for any longer than it should or you'll risk losing out on money that you could have been making on it. Filling the property with a good tenant that matches the credit criteria that you set up for the property and shows a history of on-time payments is key. To attract these tenants you may need to make a few compromises. They don't have to be huge, but offering an intensive to choose your property rather than the one down the street might just land you your new favorite tenant.
With greater demand for rentals the prices are climbing, but in the end, that could make it so that good tenants that would have paid rent on time will have more difficulty making these new prices. Check out BiggerPocket's article here to read more on that!
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