Setting a good rental rate for your rental property in Kissimmee is essential to increasing your Return on Investment (ROI). You’re the owner of the property, so you always have the last word in what rental rate to charge for your home. But, you really want to hit that rental market right in the middle of where it currently is.
Setting the Right Price
If you ask too much for your home, it will sit vacant for a few months, and that’s lost revenue you can never recover. If you set the rate too low, you’re still losing rental income. So, it’s important that you set that rental rate just right.
Check Comparable Properties and Prices
When you look at research, a good place to start is Zillow. Check Zillow and see what other homes similar to yours are renting for in the area. You can check RentoMeter as well, and you can look at Realtor.com.
Get Help from a Professional
Some owners will always want a little too much, and that’s another good reason to talk to a property manager in Kissimmee. A seasoned veteran will know exactly how much rent you can get to find a tenant who wants to live there for three to five years, which is ideally what you want. Changing tenants every year costs money. There is downtime and there are fix up costs and you don’t want. Keeping your tenant for three to five years is ideal, so you want to set the rate just right. You’ll be able to increase the rent a little every year, and that will help your ROI too.
Finally, when talking to your property manager, ask what your home should rent for. A good property manager will want to look at it first. They will want to see inside your home before quoting an accurate rental rate.
If you need help setting a good price for your property or you have questions about Kissimmee property management, please contact us at McCormack Realty & Renter’s Choice Homes.