As a homeowner, you must be looking out for opportunities through which you can generate maximum profits from your rental property. However, on the other hand as a tenant, you would be thinking to rent a property that doesn’t cause a burning hole in your pocket. Thus, the entire emphasis is on the prices of the rental property.
Do you know that there are certain factors that affect the prices of rental home? If not then you should go through the factors discussed below and get an insight into them-
Top Factors Determining The Prices Of Your Rental Home
- Location- This is the foremost factor that will affect the prices of your rental home. If the property is located in the poshest locality of the area then the prices of the rent will be higher. If you are moving to a new place with your family then you are sure to hunt for a place which gives you a quick access to school, college, restaurants and other amenities. Such a kind of place with all the facilities is sure to be available at a higher rent. On the other hand, if you are looking for the property that is on the outskirts of the city then you can still expect to pay a bit lesser.
- Appeal- It is obvious that the property that looks more appealing than others, is likely to have higher. As a landowner, you must try to make your property attractive with keeping it well-furnished, providing the basic necessities and etc.
- Permission for pets- If you have a pet then you should be prepared to pay the monthly pet fee. It is known that around 50% of the renters have pets and they have to pay higher rents. Different landlords charge differently from the tenants that have pets. The prices also depend on the number of pets you have.
- Number of bedrooms- This is one of the most basic factors affecting the prices of your rental home. For instance, the rent of a 4-bedroom home will be more when compared to the 2 bedroom home. In addition to this, the added bathroom, balcony and other added construction in the house will add on to the digits of the rent. As a landlord, you can expect to receive higher amount for your huge property.
- Other extra facilities- There are basically two facilities that renters usually ask for, which includes dishwasher and washing machine. If you are providing these facilities with other added ones to the renters then you can expect to get good amount of rent. More the facilities, more will be the price of the rental home.
- Competition in the area- The competition in the area does matter when it comes to determining the price of the rental home. If the neighborhood where you are trying to find a rental property has short sales and different foreclosures then the average home price will be less.
It is sure that after going through the above points, you must have understood the factors that play a vital role in affecting the prices of your rental home.
Hiring The Best Property Managers
Hiring the finest property managers can be challenging but if you do a bit of research on your own then you can get on with the best. You should read the testimonials of the company that you are planning to hire to get an idea of the services that it is offering. Also, you can shortlist a few companies and then compare the prices and services of them all. The one you think offers the widest array of services and facilities that too within your set budget, must be hired. Once you have hired the best available property management company, all your worries will be over. The right property management company in Baltimore will take care of all your properties and will get you only the good tenants. Since they have experience of decades in the respective industry, they have the right solutions to all the property related queries. In addition to this they screen the applications of all the tenants thoroughly, keeping an eye on the past records of the applicant and their budget limit. Accordingly, the property management company will find the tenant that can afford the rent and pay it on time without creating any troubles in the future. Thus, you should now hire the premium property management company and get over with all your stress. Good luck!