Myrtle Beach Property Management- How to price your rental correctly.

When renting your home you will want to avoid lengthy vacancies in your property. Choosing the correct rate to market your property will depend on a few factors. You don't want to price your rental too low because you want to maximize your profits but pricing too high will not help you get potential tenants through your rentals door.

When deciding on how to price your rental property you will want to consider the following.

Your Competition- How much are similar properties currently getting for rent. Renters will generally choose the lowest priced property available first. Your competitors underpricing their rental property will make your property harder to rent, unless you lower your asking rent.

When are your apartments available?
Rental properties are usually get higher rents in the summer months because people tend to move during warmer times of the year. Also if you are renting to families with children they generally do not like to move during the school year.

Tip: Try making your leases end during the summer time to decrease vacancies and increase your rental rates.

What is your units condition?

If your unit is nice and tidy freshly painted clean floors then it will get higher rents than your competition that has less tidy rental properties. Make sure your property is very clean and well maintained inside and out to increase your rental rates.

How functional is your rental space?

If your property has small rooms and closets than it may rent for less than your competition that has bigger rooms and closets. Make sure you adjust your rate down if you have smaller rooms and closets in your rental spaces.

Tip: adding mirrors in small bathrooms and bedrooms will make your space appear bigger.

How is your location?

Where is your rental located? Things that can negatively affect your rental rates are crime, bad schools, long distance from jobs and shopping, and how well your neighbors take care of their properties. Being close to mass transit, Shopping, hospitals, schools and jobs will make your rental more valuable in your potential tenants eyes.

Make sure you market your property at a price that will get your property occupied as quickly as possible. Too often I see owners of rental property want to hold out for that extra fifty dollars a month. This can cause you to loose out financially if it makes your property remain vacant for many months. Instead of not making that extra $600 dollars a year you may loose much more than that.

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If you have any questions on how to rent your property please email us at info@coastalpremierrealty.com