The excellent way to check that your Ocala rental homes are leased at a competitive rate is to put into effect scheduled market comparisons. In keeping with the manifold seasonal maintenance and restoration tasks that property management dictates, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether you have tenants who are leasing long-term or you are gearing up for new ones, a market comparison can continue to make your investment homes financially beneficial and your rental rates commensurate with those in your locale.
Orchestrating for a market comparison starts with accumulating detailed knowledge about your own rental homes first. You’ll want to find out the square footage of each rental home, in addition to 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.
A very short time after you’ve acquired all the relevant info with reference to your own Ocala rental property, you can begin examining comparable rental homes in that same vicinity. In the same way that the asking and the final purchase price of a house can differ, so can the estimated and proposed numbers vary from the actual rental rates.
An accurate market comparison can really tell you what rental residences like yours are now renting for and aid you in considering whether you’ll be able to add-on to or lower 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 not so much as yours, dropping down your rent to as much as those rates can, without difficulty, draw more new tenants and scale down the duration of time the home lies tenantless.
Granting that a market rent assessment may give the impression of a large amount of work, it is a relevant part of getting those excellent investment properties to become profitable. The bright spot in this is that the professional property managers at Real Property Management Diversified can be of service. We know full well the rental market in Ocala and the surrounding locales, seeing to it that heedless of where your rental homes are situated, they are competitively priced. Contact us online or give us a call at 352-854-2221 and ask about our FREE market rent assessment.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
