What Is the Correct Rent That You Should Set for Your Rental Property?

January 2019 is almost here and with the start of a new year for many people also comes lease renewals.

For some landlords, it’s possible that they will have vacancies for the first time in years and may not know what the correct rent should be for their Portland Oregon Rental Properties that’s why in this article we will offer you several tips you can use for setting the right rent for your rental property.

 

Use These Tips for Setting the Correct Rent

Thanks to the Internet you have a variety of resources you can use to come up with the right rent for your rental property in Portland Oregon.

Do a comparable analysis 

Just go to Google.com to type in the address of your rental property or use a website like Zillow to do a comparable analysis of homes which may be renting nearby to determine what should be the monthly rent for your Portland Oregon Rental Property.

A word of caution though, before using comparable data on websites like Trulia or Zillow, make sure that you verify the date that the data was posted because, some websites only update their rental listings and data every 30 to 90 days, instead of in real time.

Visit Rentals in the Neighborhood

Another great way to figure out what you should rent your Portland Oregon Rental Property for is to visit other homes and properties for rent which may be nearby.

During a tour of comparable rental properties, you should also be looking for properties which have more or fewer amenities than your property because you should also use this information when factoring the rental rate for your property as well.

 

More Tips For Setting The Correct Rent At Your Rental Property

Be sure to advertise your rental property everywhere that interested tenants may find it. I’m biased, but I recommend our automated rental listings featureThe average landlord who uses this part of Avail receives 15-20 leads per vacant unit.

Another tip for creating demand is to create a sense of urgency amongst interested tenants. You can do this by scheduling multiple showings of the unit at the same time. When multiple tenants show up to see your unit at the same time, they’ll feel like they are competing for your unit. This increased demand will encourage interested tenants to act quickly and to pay the asking rent amount.

Get Portland Oregon Property Management

Are you tired of managing your rental properties yourself? Let 2019 be the year where you finally gain control of your time and start growing your portfolio of rental properties!

At Property Management Systems we can save you the time, money and hassle of self-managing your rental properties yourself so you can have more time for you!

For professional property management in Portland Oregon contact us today by calling us at (503) 515-3170 or click here to connect with us online.

 

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