Do you think you've priced your rental too high for it's market? Have you worried you're missing out on extra cash-flow as you may have priced your rental too low? We've put together some tips to help you determine the best price for your Yakima rental property.
Check out Rentometer or RentCafe. They are both awesome online tools for rental price comparison. While these are great places to start, don't blindly rely on the data because you don’t know what those comparable properties look like.
Talk To A Property Manager
Experienced property managers are great resources. Ask them about the current market rents and for a market report. Typically, they'll be able to furnish you with a list of comparable properties along with the current rents. Their data may be more comprehensive than what you can find online, especially if one of the comparable rental properties is under their management, and they can speak to the condition of the property.
Check With HUD
Believe it or not, The U.S. Department of Housing and Urban Development, or HUD, also compiles a list of Fair Market Rents each year for more than 2,500 metro and non-metro counties. These market rent prices are developed for determining the rental voucher amounts of government subsidized housing programs, including Section 8. You can find the current HUD data, and also see historical results, here.
Research Current Listings
Go to any of the syndicated listings sites, and find nearby rental properties that resemble yours. Drill down as much as they'll allow for year built, number of bathrooms, parking spaces, included appliances, etc. It’s unlikely that you’ll find an exact match, but this is still enough to get a good idea on what local Yakima investors are pricing their rental properties at.
If you are a new investor, or already own multiple rental properties...we'd love the opportunity to earn your financing business. Give us a call at (424) 567-4825 so we can schedule an appointment and get started!Questions? Contact Brian Richard Today!