PORTLAND, Ore. – Over the years one of the most common questions that any owner has is how much can they charge For Rent In Portland Oregon?
This question is essentially the million-dollar question because, it’s just as easy to make the mistake of renting a property for less than what it’s worth as it is to over price your rental property.
The good news is that there is an easy way to determine the correct amount that you should charge for rent if you follow the simple and time-tested tips in this article.
#1 – What Does Your Rental Property Offer?
The first step that you need to follow to determine the correct rent for your Portland Oregon rental property is to think about features and benefits that your rental property offers a typical renter.
Some of the features and benefits that your Portland rental property might offer could include:
- Close to the universities, colleges, shops, stores, bars, restaurants and everything that Portland has to offer.
- Your Portland Oregon rental has plenty of space thanks to attic, basement and a garage.
- It’s located in an older, quieter part of town and is less hectic or noisier than other areas of Portland where people like to party and hang out.
- Your rental property is within walking distance of all the best amenities in Portland.
- Your townhome, condo or single-family home is close to public transportation.
Knowing this information is important because, if you’re going to do all the marketing for your rental property yourself, you need to know all of the benefits that your rental has to offer a typical renter in the Portland area.
When writing advertising copy to promote your rental property either online or off-line it’s important to make sure that you don’t overstate the benefits of your rental property; you should stick with all of the features and benefits that might interest the typical renter.
#2 – What Is The “Ballpark” Rent In Portland Right Now?
Depending on when you’re reading this article the rent for a single-family home, condo, townhome or rental property in the Portland Oregon area may have gone up, or down depending upon the state of the economy, or economic conditions in Portland this is why it’s important to determine what the average ballpark rent is for rental property in town.
You might be asking “how in the world am I my going to determine what the ballpark rent is for a rental property in Portland when I’m not a property management professional?” the answer to this question is simple, thanks to the Internet and websites like Zillow you have access to current and historical data for your rental property right at your fingertips and you can know what your property may have rented for in the past and what it should be ready for right now.
Besides checking websites like Zillow or rent jungle for statistical data or the “ballpark rent” for the Portland Oregon rental market right now, you should also purchase a newspaper or local rental market publications because, some rental properties that are being marketed in print may not be marketed or promoted online.
#3 – Analyze Comparable Properties
Once you’ve come up with a ballpark rent for your Portland Oregon rental property you should also analyze comparable properties in Portland to find out what they offer tenants.
Does the average Portland rental property offer the same amount of bedrooms, bathrooms, square footage, and storage space? Does it offer the same on-site amenities like a fitness center, dog run or laundry area?
These are important questions to ask because, amenities are just as important to the typical tenant in this day and age plus some tenants are willing to pay more rent for a Portland Oregon rental property if it has better amenities than another comparable property which is nearby.
#4 – Think About Your Prospective Tenants
Next, after you take the time to analyze comparable properties in the area you should start thinking about who are your prospective tenants.
Are you going to be renting to students? Working-class professionals? Senior citizens?
It’s just as important to understand your prospective tenants as it is to rent your property for the right price because, having a better knowledge of your prospective tenants will give you ideas of where you can advertise your rental property either online or offline so you can connect with the right people who would be interested in renting from you.
When thinking about your prospective tenant it’s important to ask yourself the following questions:
- Where what are they like to eat in Portland?
- Do they workout in the gym?
- Are they currently going to school?
- Will have a need for parking?
- Should you allow their pets?
#5 – Analyze the Current Market Conditions
Last of all but most important, take a moment to analyze the current market conditions on websites like Zillow and find out exactly if the market is considered hot or cold right because, although the current Portland Oregon rental market is considered to be hot, market conditions could change by the time you read this article so before listing your rental property you should evaluate the current rental market to see what properties are renting for before you finally decide upon what to charge for rent.
#6 – Get Your Property Ready for Rent
Take the time to get your Portland Oregon rental property ready to rent by improving the landscaping, paint the inside of your rental property, remove all trash from the property, check all outlets, replace batteries in smoke detectors and carbon monoxide alarms but most important of all you should also diligently take the time to remove any smells from your rental property.
Besides focusing on improving curb appeal and all other areas of your home you should also take the time to insure that you home is weatherized by replacing the weather strip around doors and windows plus inspecting your roof for leaks and or lose shingles
If the rental property smells little funky, this can easily pay a negative impression in a prospective tenants mind and decrease their interest or desire to rent your property regardless if it’s in great shape or not.
#7 – Get Property Insurance
Another important thing that you should do before renting out your Portland Oregon rental property is to obtain property insurance because, property insurance is similar to a homeowners insurance policy since it will protect your best interest if there is ever an accident or injury on your property.
When you get property insurance for your Portland Oregon Rental Property you should also require your future tenants to have renters insurance because this will add an extra layer of protection for you plus insure that your tenants best interests are protected if there are ever any natural disasters, injuries or accidents at your property.
#8 – Get an Air Tight Lease
Last of all, but most important you should absolutely have an airtight lease and the best way to do this is to have your lease or rental agreement reviewed by an attorney.
Understand that not everyone you rent to will want to scam or withhold rent from you down the road but, there are some people who will look for loopholes within your lease and if you were to eventually take them small claims court they could claim that the reason why they broke one or more parts of your lease is because you failed to explain your lease to them thoroughly before they signed off on it.
Hiring an attorney to review your lease is one of the best investments you could possibly make in your rental property and it costs a lot less than you think compared to the cost of facing one of your tenants in court.
What will your Portland Oregon Home rent for?
To receive an in-depth analysis of what your home will rent for and to get started with property management Portland Oregon contact Property Management Systems today by calling us at (503) 515-3170 or click here to connect with us online.
Our property managers are experienced with all aspects of property management and we look forward to the opportunity of earning your business.
If you found the tips in this article helpful please consider sharing it on Facebook, Twitter or leave us a comment below.