Three factors to consider when determining the price of a rental property.
How do we price our rentals for our potential owners? There are a few things we need to consider when pricing a potential rental property, and today I’m sharing what they are:
1. Comparable properties. We look at all the properties that are available on the MLS, Zillow, and other platforms. Do they have similar bedroom and bathroom counts? Do they have the same square footage in the same area of Charleston? One rental in Mount Pleasant might not be the same as one in Goose Creek. We’ll take all those factors into consideration.
2. Timelines. Currently available properties are not the same as properties that will be available six months from now. Going back a couple of months significantly changes supply and demand, so the timeframe can affect how much you can get for your rental property.
3. Amenities and renovation. A huge portion of how we price rental properties is determining how many renovations were done to the property, and what sort of amenities are available. These can be very difficult to gauge from a computer. We often visit the property to take note of the different flooring, backsplash, bathroom, pool, etc. We always prefer to come out in person and give you an idea of what you’re looking at.
If you ever have any questions about your rental property or are thinking about renting out your property, please reach out to us. We’d be more than happy to help you.