Keep Rent Competitive with Newbury Park Market Comparisons This Spring

To ensure that your Newbury Park rental homes are leased at a competitive rate, the best thing to do is to conduct regular market comparisons. On top of the required property management tasks such as seasonal maintenance and repair, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether the tenants you have are long-term or if you’re preparing for new ones, a market comparison can see to it that your investment homes stay profitable and keep its rental rates in line with those in your location.

The initial step in preparing for a market comparison is to gather comprehensive information on your own rental homes. Some of the things you’ll need to know to include the square footage of each rental home and 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.

Once you’ve acquired all the useful information about your own Newbury Park rental property, you can then look at similar rental homes that are nearby. In the same way that the asking and the final purchase price of a house can differ, so can estimated and proposed numbers vary from the actual rental rates.

A dependable market comparison can show you what homes like yours are renting for, and it will help you in making your decision to raise 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. Likewise, if the other properties in the vicinity are renting for less than yours, reducing your rent to match can easily draw interested tenants and decrease the amount of time of the home stays vacant.

A market rent assessment may seem like a huge task, but it plays an important part in making sure your investment properties remain profitable. The good news is that Real Property Management Ventura County has professional property managers willing to help. We have experience dealing with the rental market in Newbury Park and the neighboring areas. This makes sure that wherever your rental homes are located, they will be priced optimally. Ask us about our FREE market rent assessment; don’t hesitate to contact us online or call us at 805-387-3682.