When pricing your rental property in Seattle, it’s critical to do a comprehensive market analysis to determine what your competitive market rent will be. Get some help from a professional property manager, who is experienced in the local area and can ensure your analysis reflects similar properties that have recently rented in the area.
The condition of a property will have an impact on pricing. You’ll need to compare specific details in addition to rental rates. Look at the age of the appliances, the flooring and the fixtures. That will help you settle on a fair rental price. Upgrades, especially to the kitchen and bathrooms, will usually increase the amount of rent you can charge and it will also decrease the amount of time your property is on the rental market. Before you make any upgrades to your property, talk to a professional who can provide advice on what kind of improvements to make so you can increase your revenue and control your costs.
Local experience is the most valuable tool you can use when pricing your rental property. Talk to a property manager with an in-depth knowledge of the local market. You need to understand the schools, the shopping environment and what kind of amenities are in the area, such as parks and playgrounds and other recreational spaces. In the Seattle area, rental prices are very local and they can fluctuate drastically, even from neighborhood to neighborhood. Understanding this nuance is vital in determining your Seattle market rent.
Every property is different, even within the same community. It’s important to have your property manager visit the property and take a personal look at what it has to offer. Discuss what’s important in the marketing of your home. This is the information that will help you determine a market rent that is sure to maximize your revenue and minimize any vacancy loss.
If you have any questions about pricing your rental property, please don’t hesitate to contact us at Brink Property Management. We’d be happy to help you.