By attracting tenants who are less inclined to take care of the property or pay the rent on time, landlords that set their rent too cheap risk losing out on money. When setting rent, consider the following strategies to increase revenue and draw in quality tenants:
Examine comparable properties in the neighborhood to obtain a sense of the market rent for the area. This will help you establish a reasonable and competitive price by giving you an idea of what to charge.
If your property is in excellent shape, you might be able to charge a higher rent than a comparable property that needs renovations or repairs.
Think about your property’s location: Properties in favorable neighborhoods typically fetch more rents than those in less desirable ones.
Be adaptable when it comes to lease terms. Some landlords might like to only give short-term leases at a higher rate, while others might choose to only offer long-term leases at a cheaper rent.
Cautious tenant screening: High-quality tenants are more likely to maintain your home and make on-time rent payments. Before approving a tenant, make sure to perform background checks and reference checks.
Provide amenities: To draw tenants willing to spend more, provide extras like high-speed internet or in-unit laundry.
By following these tips, landlords can set a fair and competitive rent that will attract quality tenants and maximize their income.
If you have questions about a property you are thinking about selling, or just questions in general, visit us at www.nolabuyshouses.com or give us a call at 504 264 1407