Setting the right rent price is a common challenge for rental property investors. If you set your rent price too low, you risk having a negative monthly cash flow. On the other hand, if you set your rent price too high, you might deter potential tenants from renting your property and risk having a vacant unit.
Neither tenants nor landlords look forward to when the time comes around for a rent increase. But with the cost of living increasing year by year, landlords can choose to cover their higher costs. Here are 5 questions to help you decide on the best time to raise rents.
Any investment property owner will tell you there's more to the game than sitting back and collecting the rent! Handling the responsibilities of property management can take a toll. That's why it's essential to protect both your sanity and your asset with a monthly rent payment that's fair and accurately covers your actual burden.
As landlords, we often fall into the trap of getting a bit too comfortable. It could be something as simple as skipping a property inspection or not following up with a tenant as quickly as we could, simply because we’ve become complacent.
The fact is that property reports can only deliver so much information. A rental meter that is part of a rental listing app can provide much more focused data to help you set your rental price without undercharging your renters.
One of the biggest mistakes new landlords make is underestimating the rental potential of their property. Often new landlords are so eager to get tenants in their property, that they undervalue their rental in the listing.
Setting a rental property price is a difficult task for many landlords. You don’t want to price your rental property so low that you don’t make a profit, but you also don’t want to price it so high that you can’t get a tenant. Here are some tips to help you figure out what to charge.