A rental property has to have a lot of things going for it to ensure it puts money in your pocket. Nice location, above average amenities, sturdy construction, neutral yet stylish design and the list goes on. However, none of this will mean much if your property is overpriced.
The "put the For Rent sign out" and they will come mentality doesn't work in every market. If the market is tight and your vacancy rate is low you can rent for a little more but if the vacancy rate is increasing then your rent not only has to be in line with the market but also cover your expenses and reflect the quality unit that it is.
So...?
Someone brilliant has invented Rent-o-meter.com you simply fill in the fields for address, province or state, postal code, current rent, number of bedrooms and units in the building. Press the Analyze My Property and you get a clear spectrum of the average, high and low rents in your particular area.
The site not only shows you where you unit is on the "Rent-o-meter" but shows other rents of comparable properties in the area with pictures and addresses on a Google map. The property I put in was compared to 103 other units within 5.39 miles (8.67km) of my property.
Mind you there is nothing wrong with being on the high-end if you property is a real beauty.
Rent-o-meter works for Canadian, American and London locations.
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