Rent Estimation - Maximize Your Rental Income
Updated: Nov 15, 2021
It costs you money to rent below market rate. We have data-driven market rent estimation report for you to determine the right rent.
It is very important for you to understand that in order to be a successful independent landlord, you have to set a rental rate that attracts good tenants while also making you profitable. Renting at a fair rate is critical because it can help you place the right tenants in a timely manner. In addition, you'll be able to cover your mortgage and other overhead costs. By doing so, you'll maximize the rental income.
Renting out properties makes you the owner of a rental business. There are different strategies used by different landlords to attract and retain tenants. Rents can be set at various levels, with some wanting to post a lower rent to attract a large number of applicants, while others have no problem with rents being set at higher levels and the rental properties being vacant for longer periods.
You are the one who determines how your business is run. As a rental market expert, our job is to provide you with information that will help you make a more informed decision.
Although rent prices continue to rise across most of the largest markets in Canada and the USA, rental rates vary by neighborhood. Consider the comps in your immediate area when determining the rent you should charge. Make sure you check what other landlords are charging in your area before determining your rental rate.
How do you find out what other landlords are charging? Online, you can find the average rental price of your city, however, rental rates vary by neighborhood. A rental price that is appropriate can be hard to determine without any data. What is the sweet spot for your rental properties? How do you decide what the rent to charge should be?
With the LuckRent App, you can easily determine market rental rates. In seconds, it provides a detailed rent comparison analysis by pulling data from a leading company in estimating rent. It solves the mystery of market rate.
You can have recent rental listings in the neighborhood analyzed, and rent prices can be calculated based on location and apartment size. This will help you figure out if your rent is too low or not. Find out what other landlords are charging for similar properties, and use this as your starting point. Adapt your rental price based on what you learn.
Using the rent report analysis, you can get a clear picture of what the neighborhood going rent is and adjust your strategy accordingly. You can also see the trend of the going market rent.
Once you learn about the benefits of data-driven rent reports, use them before you post your next rental listing so you set the perfect rent.