Setting the right rent for your property in Albuquerque is the only way to attract reliable tenants and maximize your return on investment. To find a rental value that’s accurate, competitive, and profitable, you’ll want to begin with a rental market analysis and solid data.
Rental Market Analysis in Albuquerque
Before you price your own rental property, take a look at what other homes are renting for in the same neighborhood that your property is located. Your local Albuquerque property management resource (us) will always be willing to offer a comparative rental market analysis, which is an excellent resource to help you establish the right rental price.
An effective analysis can take a look at competing properties in the area and establish a range that makes sense for your property type and location.
It’s best if we have the opportunity to evaluate your rental property in person. Sometimes, a kitchen upgrade or new floors will make a difference in what you can ask. Providing a washer and dryer, for example, will always raise your rental value. If you’re including landscaping and pest control in your rental price, what you’re asking might be higher than the average rents in your area. But, the rental analysis is an excellent place to start. It will look at all the other rental properties near you and establish a high point and a low part. Then, we can consider those things that set your property apart.
A lot of property owners will look at online listings to get an idea of what homes are renting for, but make sure you’re using reliable data. This is where a partnership with us can really be useful; we know the market well. We know the competing properties and the vacancy times. We can help you establish the best rental value.
Property Condition Impacts Rental Pricing
Accurate pricing starts with the market and while you can’t control the market, you can control how attractive your property is to potential renters.
Well-maintained homes are always going to rent for more than those showing their age and deterioration, so if you’re willing to invest in some simple upgrades and updates, you can ask for higher rents. Some of the most cost-effective upgrades that impact your rental price include:
- Fresh paint and trim
- Hard surface flooring
- New appliances
- Great interior and exterior lighting
- Smart home technology
Attractive curb appeal and landscaping always helps, too. These things won’t cost you a lot, but they’ll increase your rental value and your ROI.
Pricing your Albuquerque Rental Property to Avoid Vacancy
Vacancy is one of the most frustrating ways that owners and investors lose money on their rental property. While no one wants to price their property too low, it’s also rather important that you don’t price it too high. If you’re outside of the general market range, you’re going to have an unoccupied property that is costing you money instead of earning you money.
Price your home for profit, but don’t forget that tenants today are savvy. They know what the market demands and they won’t even schedule a showing if your home’s price tag is too high. Holding firm at a rental price that’s $100 over the market rent will result in thousands of dollars of lost rent.
Let’s find the right rent. Contact us at Bruni Karr Agency for a rental analysis and all of your Albuquerque property management needs.
