The best way to ensure that your Playa Vista rental homes are leased at a competitive rate is to conduct regular market comparisons. Together with the different seasonal maintenance and repair tasks required for property management, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether your tenants are long-term or if you’re preparing your property for new ones; a market comparison can help maintain the profitability of your investment homes and keep rental rates competitive with those of other homes in the area.
Preparing for a market comparison begins with collecting detailed information about your own rental properties. You’ll need information such as the square footage of each rental home, as well as the age and condition of each central 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 ensure a direct comparison to other rentals in your area.
After gathering all the data about your own Playa Vista rental property, start browsing around that neighborhood and look for similar rental homes. In the same way that the asking and the final purchase price of a house can differ, so can estimated and proposed numbers vary from the actual rental rates.
A solid market comparison can reveal the rate homes like yours are renting for, and it will help you determine the best price for 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. Moreover, if nearby properties are renting for less than yours, lowering your rent to keep up with theirs can easily attract new tenants and reduce the length of the home’s vacancy.
While a market rent assessment may seem like a lot of work, it plays a crucial role in ensuring your investment properties are profitable. The good news is that Real Property Management California Coast has professional property managers who can help. We understand the intricacies of the rental market in Playa Vista and its surrounding areas. This means that, regardless of the location of your rental homes, the price will always be competitive. Don’t hesitate to contact us online or call us at 310-535-2150 to learn more about our free market rent assessment.
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