Well, it depends… A comparative market analysis (CMA) is a great starting point. This will provide you with a general idea as to how much your neighborhood market goes for rent.
Some homes will be vastly different than yours so keep this in mind, however, surely a few homes within the past year will give a good comparison to judge what your home should rent for. BE REALISTIC.
If you have a gold toilet and viking appliances, it doesn't automatically make your home worth hundreds more if the neighborhood doesn't allow for it. If your home is truly the best on the block a difference of 1-200 dollars a month may be available but replacing the carpet with wood floors and adding granite countertops will usually just make your home more competitive in comparison with other properties, not necessarily increase the monthly rate significantly.
While on this topic of nicer home features... If you have it in your budget to do some renovations, get it done now! This can only help when setting you apart from the competition. Make sure the home is professionally cleaned to ensure potential renters have a great first impression when entering and looking at the property. You want them to envision seeing themselves there.
Taking photos is important.
Over 90% of home buyers (more for renters) begin their search online. You want your home to grab attention from a webpage (or cell phone) so either get a professional to do it or take a look at my previous video with some easy tips 'n' tricks to snapping great shots. Remember LANDSCAPE mode if shooting from a phone... turn it sideways.
Once you have taken care of everything we have now discussed. Upload the photos and take another look at the house down the street that rented 2 months ago that looks a lot like yours. Match the photos and the time on market. If everything looks similar, it will probably be a similar price.
Want to learn more? Give us a call at (469) 703-8139
Alex Cholet Team Lead - Flat Fee Landlord DFW
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