Pricing your Fort Worth rental property is one of the first things you have to do when you’re listing the home and looking for tenants.
The best way to approach the pricing process is to settle on a competitive rental value that’s sure to get your home rented as quickly as possible to the best Fort Worth tenant
Every rental property owner is thinking about cash flow and rental income. You don’t want to price the property too low. Pricing it too high, however, comes with its own risks. Asking for more rent than the market will allow only leads to longer vacancies, and that’s money you can’t afford to lose. Rental prices that are too high also attract bad tenants who have been denied from renting other properties.
Well-qualified tenants will never overpay for a property. Here’s how you can make sure you’re competitive with your Fort Worth rental price.
Accessing Technology and Market Data
Before you price your own rental property, you need to know what similar properties are renting for. You’ll want to run a comparable market analysis, or a rental analysis. Good data is critical, so if you can’t access it on your own, reach out to a local Fort Worth property management company.
Some local rental prices can be found online. Sites like Zillow and Trulia and even Craigslist will show you what rentals are listed for. However, you cannot always depend on those sites nor can you always trust the list price. Those homes may rent for something else.
Accurate and reliable data is crucial when you’re conducting your market research.
Remember that the market drives the price of your rental property. It doesn’t matter how much money you want to earn every month, and it doesn’t really matter how much you think the property is worth. A rental property will only rent for what the market demands. Consider this when you’re buying an investment property in Fort Worth and when you’re preparing to attach a rental value to the home.
Variables in the Pricing of Your Fort Worth Rental Property
While your competitive rental value is certainly market-driven, there are things about your property that make it unique. The price can be raised or lowered based on things like age, location, and property condition.
- Location is a driving factor in real estate prices, whether you are selling a home or renting one out. When your Fort Worth rental property is in a great neighborhood with good schools and easy commuter routes, you’ll be in a comfortable position to ask for more in rent than if your property is more remote and not close to conveniences like grocery stores and major roadways.
- The size and condition of your home will also impact your rental price. Well-maintained homes with lots of curb appeal and modern updates will rent for more than older properties that are worn down. Make a few inexpensive upgrades to your property to help it rent for more. Simple things like a fresh coat of paint, colorful flowers, or shiny new hardware on drawers and cabinets can make a big difference.
You’ll also need to consider when you’re renting out your property. Statistically, homes rent faster in the spring and summer months. That’s when tenants are more likely to move. In the winter and over the holidays, you might have to offer a more competitive price to attract tenants.
Working with a professional property management company in Fort Worth can help you get an accurate and competitive rental price that’s sure to keep vacancy loss to a minimum. If you’d like some help, please contact us at Trend Property & Management. We’re here to help with all your Fort Worth property management needs. We also serve Keller, Saginaw, Hurst, Weatherford, and the surrounding areas.