Rental rates play a huge role in attracting potential tenants to your vacant Jacksonville rental. That’s why it’s crucial to optimize your rent price before you market your property. The right price can draw more prospective renters so you can maximize your earnings!
If you want to learn how to set the best rent price for your property, keep reading!
Checking out your competition is part of determining the right rental fee. You should keep an eye on properties that are similar to yours in terms of location, amenities and features. You can base your comparison on the following:
Make sure that the property you’re evaluating is in the same Jacksonville neighborhood as your property. Some communities have a high demand for rentals, catering to those looking for high-end homes in a central location. These rental units are often priced higher due to the proximity of main shopping areas, attractions, and schools.
Number of Bedrooms and Bathrooms
When making a comparison, focus on Jacksonville rental homes with the same number of rooms as yours to assign a more accurate rental price.
Single-Family Homes vs Multi-Family Properties
Offering more privacy, single-family homes often come with a higher rental fee compared to rentals with multiple units.
New Builds vs Historic Homes
Many landlords with recently built rentals charge a higher price. However, if you have an older home, you can still fetch a great rental price. This is especially true if the property has original features like hardwood floors, antique light fixtures, hand-painted tiles, or other elements that add character to the property.
Sourcing Comparable Properties
If you’re having trouble finding properties that are similar to yours, you can try using the following strategies.
Peruse Online Ads
Search for popular rental listing sites and take a look at a couple of Jacksonville rentals that are on the market. Be sure to check how long they’ve been vacant, which ones have periodically adjusted their rent price, and how much they are charging for rent. Additionally, you can review the listing to see if utilities or other costs are included in the monthly rent.
Talk to Local Landlords
If you like a straightforward approach to problem-solving, try visiting properties in person. This will enable you to evaluate the rental and compare it to yours. When you use this approach, you can also ask the landlord questions and find out if the property has been popular among prospective renters.
Hire a Property Management Company
With more industry experience, property management companies are adept at setting rent prices. They also offer comprehensive services that can help you maximize your ROI while reducing stress. If you’re a busy landlord or are working hard to expand your investment portfolio, this is an excellent option for you!
Tips for Adjusting Your Rent Prices
If you own several Jacksonville rental units, it’s better to set rent prices individually rather than opting for uniform pricing. Consider the different characteristics of your rentals and take into account their unique views, amenities, and square footage. Your rental units with more trendy or interesting amenities should be priced higher than those without.
You can review the list below to see what renters are looking for.
- Great views: Many renters will pay more to live in a place with a scenic view.
- Renovations and upgrades: Energy-efficient appliances, increased storage space, and newly installed air conditioning units are sure to make your property stand out in the rental market.
- Square footage: Larger properties with multiple bedrooms and bathrooms are popular among renters.
- Extra Amenities: Designated parking spots, in-suite laundry, and outdoor features like pools and hot tubs will help you fetch more rent for your Jacksonville rental.
One of the best ways to determine if your rental is optimally priced is by checking the number of viewing requests you’ve received. If this number is low, you may need to adjust the rental rate. If you set a rental fee that’s too high potential tenants are less likely to pursue living in your property.
Your rental price must match the features you offer. For example, you can assign a higher rental rate in central areas because cities are popular among renters.
Rental rates should be adjusted over time. Owning a Jacksonville rental unit requires consistent rental market assessments so you can adjust your rental prices between leases based on market demand.
Landlords have plenty of resources at their disposal when assigning rent prices. They can visit the advertised rentals, check out nearby neighborhoods, and research online. They can also hire a reputable property management company. Industry experts help property owners set optimal rental fees and assist in marketing a vacant property, screening potential tenants, collecting rent, and maintaining your property.
If you’re looking for a reliable partner to manage your Jacksonville rental unit, contact Nest Finders Property Management today!