Did you know that almost 40% of Americans rent instead of own?
Renting our properties is a great way to supplement your income by a significant amount. Philadelphia is a wonderful place to invest in real estate, in particular. If you play your cards right, renting can even be your main source of income.
For starters, you need to figure out the rent of each property. Are you wondering if your tentative price is fair or not? Keep reading to learn all about how to price your rental property in Philadelphia.
Compare and Contrast Other Properties
One way you can get a better idea of what to set your rental price at is by seeing what similar properties in the area go for. While it's not reasonable to compare a 4-bedroom apartment with a single-bedroom one, you can narrow your search to properties that are as similar to yours as possible.
This can allow you to have a competitive edge when setting your rental price. Since rent has risen in areas by almost 16.5%, you can end up getting more each month than you might have originally expected.
Keep the Location in Mind
The size of your property is only one factor to consider. "Location, location, location" is the mantra of real estate agents because of how it can affect the price and more.
A property in the city center will often go for much more than one that's out on the edge and far away from the main action. However, if the property is stuck between noisy bars, for instance, then that'll work against you. A professional can assess every aspect of the property to come up with the best price proposal possible.
Amenities Make a Difference
Yet another factor that increases the value of your real estate involves various amenities. If you provide your tenants with a gym, a laundromat, a dog park, and more, then it's okay to increase the rent. As long as tenants believe they're getting their money's worth, then all parties involved will be happy.
Do you have little to no amenities? Don't worry because it's never too late to incorporate luxurious ones into your tenant offer. A property management company can help you decide on what amenities would give you the greatest return on investment.
Over time, you can improve and fine-tune the various amenities on offer, such as expanding the gym or building more package lockers.
Are You Ready to Price Your Rental Property?
Now that you've learned all about how to price your rental property in Philadelphia, you can decide on something that's hefty but fair. The sooner you set the price, the sooner you can get tenants and earn more income.
We can provide you with full-service property management. From finding and screening tenants to collecting payments and maintaining the properties, you can count on us.
If you want to get the ball rolling, then please don't hesitate to contact us. We look forward to hearing from you.