The perfect tactic to ascertain that your Hampton rental homes are leased at a competitive rate is to put into effect frequent market comparisons. Side by side with multiple seasonal maintenance and repair responsibilities that property management warrants, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether you have long-term tenants already or are preparing for new ones, a market comparison can ensure that your investment homes continue to be profitable and your rental rates are about the same with those in your location.
Arranging for a market comparison begins with obtaining an exhaustive knowledge about your own rental homes first. You must be able to identify the square footage of each rental home, along with the age and condition of each major element. From the roof to the appliances and everything in between, you need to have a clear picture of your rental property before you can be sure you’re doing a direct comparison to the other rentals in your area.
After you’ve taken all the information relevant to your own Hampton rental property, you can set about checking similar rental homes in that particular district. In the same way that the asking and the final purchase price of a house can differ, so can the estimated and proposed numbers vary from the actual rental rates.
A well-founded market comparison can reveal to you what properties like yours are, at the present moment, renting for and can help you come to a decision whether you must increase or reduce your rent. If comparable properties are renting at rates higher than you have asked for in the past, increasing your rent can lead to increased income without losing your competitive edge. In view of this, if close-by properties are renting for a lesser amount than yours, slashing your rent to match can, with no sweat, bring in new tenants and reduce the timeframe the home goes without a tenant.
A market rent assessment may look like lots of work, but it is an important factor in ensuring that those valuable investment properties are continuously profitable. The bright side is that the professional property managers at Real Property Management Seacoast New Hampshire can give a hand. We know the rental market in Hampton and the surrounding areas, and can make sure that, irrespective of where your rental homes are, they are competitively priced. Contact us online or give us a call at 603-343-2202 and ask about our FREE market rent assessment.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.