To guarantee that your Dupont Circle rental homes are leased at a competitive rate, make sure to administer regular market comparisons. Along with the multiple tasks for seasonal maintenance and repairs that are needed for proper property management, assessing market rental rates should be on your spring to-do list. It doesn’t matter whether you’re getting ready for new tenants or handling long-term ones, a market comparison can ensure your investment homes stay profitable and your rental rates in line with the other homes in your area.
The initial step in preparing for a market comparison is to gather comprehensive information on your own rental homes. Among the things you’ll need to know is 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.
After you’ve gathered all the information about your own Dupont Circle rental property, begin looking at similar rental homes in that same area. 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 good market comparison can show you how much homes like yours are presently renting for, and it will help you decide whether you need to increase or decrease 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.
While a market rent assessment may take a lot of work, it is vital in keeping your investment properties profitable. The good news is that Real Property Management DC Metro have professional property managers willing to help. We understand how the rental market in Dupont Circle works, along with the rental markets of the surrounding areas. This assures you that your rental homes will always be competitively priced no matter where it is located. Please contact us online or call us at 202-269-0303 and ask about our FREE market rent assessment.
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