The best way to make sure that your Playa Vista rental homes are leased at a competitive rate is to carry out 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 ones or if you’re getting your property ready for new tenants, a market comparison can help keep the profitability of your investment homes and keep the rental rates competitive with other homes in the area.
Getting things ready for a market comparison begins with collecting detailed information about your own rental homes. You’ll need information such as the square footage of each rental home, and also 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 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 time of the home’s vacancy.
While a market rent assessment looks like a lot of work, it plays a major part in making sure your investment properties are profitable. The good news is that Real Property Management California Coast have professional property managers that can help. We understand the intricacies of the rental market in Playa Vista and the areas around it. This means that no matter where your rental homes located, the price will always be competitive. Don’t hesitate to contact us online or give us a ring at 310-535-2150 to know more about our FREE market rent assessment.
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