It's important to understand market trends when determining your lease amount. One thing to consider is how long you will have to wait to find a tenant willing to pay what you're asking. In a strong market, renters may line up at the doors and you have a good chance of leasing the unit quickly for a strong price. In a soft market you may throw the rules out the window.
Market supply can fluctuate often, making it wise to set your rent aggressively. You should weigh the loss for a twelve month period. For example, if you attempt to lease a unit at $1500/mo., but the unit sits vacant for 3 months, you are losing $4500.00 in income PLUS the holding expenses accrued during the period. If the unit leases immediately at $1450, what is your loss to the market? Only $600 vs $4500. Plus, you could increase the rent to $1500 or more at the end of the lease term. We always like to start at the upper end of the rate spectrum when possible, but we recommend flexibility to owners if the lease rate should be changed.
Real Estate is a depreciating asset. It's our goal to preserve your property, in some cases, making it better, as the years pass. We keep the property functioning properly, internally, as well as externally, through preventative and ongoing maintenance. Our systems help preserve the assets, ensuring value is kept and increased, in our naturally appreciating markets.
The way your property appears to the tenant is crucial to a timely lease. Clean homes with fresh paint/carpet profoundly improve your chances of finding a quality tenant. Everyone is drawn to a clean, well maintained home; tenants are no exception.
A poorly kept property will attract a tenant that is comfortable living in that environment. They see how little you care about your property and so they in turn treat it with the same level of respect or lack thereof. A property in ill repair will lead to lower rents and more problems down the road.
Meadows Rentals is able to list a property For Sale and For Lease at the same time. This allows the owner take whichever deal comes first, be it a lease or sale. This is a huge benefit in any market, and many of our owners have taken advantage of the ability to advertise both ways!
Please complete and submit the following Online Home Evaluation form. The more information given, the more accurate the evaluation. All information you provide is secure and will be kept strictly confidential.
To provide a more detailed Comparative Market Analysis, we would be more than happy to also assess your listing in person.
