It doesn't matter if you just purchased a new rental property, or you’ve own investment properties for years, the most important thing that you have to do as a landlord is to determine how much you should charge for rent.
This is one of the keys to success as a landlord because, if you ask too much for rent, you could find that your property will sit vacant on the market for a lot longer than you initially expected.
If you ask too little for rent, you're going to find out the hard way that you will not have enough money every month to cover the maintenance and other expenses that your rental property may incur.
The good news is that it's not difficult determining how much money you should be asking for rent every month. Thankfully, with each rental property that you purchase, you can know exactly how much you should be asking for rent by following these simple tips.
Tip #1 - Do A Comparable Analysis Of Other Rental Properties In The Area
Before you list your Atlanta rental property for rent, the first thing that you should do is a comparative analysis so that you can find out how much money similar properties in the Atlanta area are renting for.
When doing a comparable analysis, you should ideally be looking for properties that have the same number of bedrooms, bathrooms and similar amenities.
One of the easiest ways to do a comparative analysis is to spend some time researching comparable properties using rental websites including Zillow, Craigslist, and also Facebook Marketplace.
You may also want to look for listings on other property management websites in the Atlanta area so that you can find out what property management companies are asking for rent for properties that are similar to yours.
Tip #2 - Conduct A Site Visit
Another important thing to do when determining what you should rent your property for is to do a site visit.
Site visits are important because they will enable you to see for yourself what comparable rental properties in the area have to offer. This will also give you ideas about improvements that you should consider making to your rental property.
Your goal as a landlord should be to have comprehensive knowledge of what's really happening with the rental market and a site visit can help you to know what's going on with other rental properties in the area.
Tip #3 - Hire A Property Manager
Last of all, but most important, the most effective way to determine what you should rent your Atlanta property for is to hire a property management company. Why? A property manager will provide you with an accurate analysis of other comparable rental properties in the area so that you can have absolute confidence in the amount that you should ask for rent every month.
Besides assisting you with renting your property for top dollar, a property manager will also save you the time, money, and hassle of managing your Atlanta rental property for you every month.
With more time on your side, you'll be able to focus on growing your portfolio of investment properties, or focus on your family, without becoming overwhelmed with all the day-to-day responsibilities that come with owning a rental property.
Contact JD Homes
For more information about how to set the rent for your Atlanta rental property, or to speak with us about the property management services that we can offer you, contact us today by calling (770) 506-2630 or click here to connect with us online.
