When someone starts the process of renting out their property, one of the first questions that they ask is how much they are able to rent out their property for.
It is expected and normal for a property owner to want to take how much they will be compensated into account when thinking about allowing another person, or persons, to move into their home.
How do you determine how much to rent a property out for?
How much you can charge for rent depends on many different factors. It is important to look at what other, similar properties are charging for monthly rent to stay competitive. It isn’t good to under-charge, or drastically over-charge.
Other things that can impact a rental’s worth is the number of bedrooms, how big the property and home is, if the home has air conditioning or other appliances such as a dishwasher.
Condos or units in a complex can be priced higher or lower depending on the complex’s amenities. Does it have access to a pool, or fitness area? Is there a community area with a theater or business center? These things can make a difference in the rental price.
How do I know what my property is worth?
On our website, we offer a free rental analysis. The rental analysis can help you determine the current value of your rental property, show you simple improvements to your property that can increase its value, and learn more about if we would be a good fit for your property.
Consider if your property has some of the features above that could impact the rental pricing. You can also consider how safe the area is, the location and how close it is to the nearest city, if there are good schools nearby, and what local businesses the area has to offer.
How do I start this process?
If you are beginning to think more about turning your home into a rental property, we encourage you to learn more about the ins-and-outs of property management and being a landlord, by visiting our Learning Hub, here. Our Learning Hub is designed to provide you with all of the resources you need to feel confident, and empowered in renting out your property.
When you decide to start the conversation, you can fill out our contact form, here, or call us at (805) 267-1158.
What are the benefits of renting out my property, as opposed to selling it?
By choosing to rent out your property instead of selling it, you are choosing to maintain your investment in the property. When you rent out your home, it can continue to appreciate in value, and possibly make you money while doing it.
A key benefit of keeping your property is being able to experience any tax benefits that go along with it, and the benefit of having an appreciating property. While many don’t consider this right off the bat, another major benefit to renting out your property is the principal paydown coming from the renter paying off your mortgage. This can be huge benefit in the long-run.
Overall, there are many benefits of renting out your property. Knowing the exact number of how much your property could be rented out for is as close as it is to fill out our contact form here. Once you fill out the form, one of our trusted industry experts will reach out to you to start the conversation about your property.
