Are you planning on renting your Portland Oregon Home but you don’t know how much money you should rent it for? If so, you’ve come to the right place! In this article, we will share with you several tips to consider that will help you rent your home for the best price.
It All Starts with a Comparable Analysis
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.
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 for rent nearby to determine what should be the monthly rent for your Portland Oregon Rental Property.
You can also use websites like Trulia, Zillow, and Craigslist.org to search for rental properties in your area and find out what a comparable rental property is currently renting for.
A word of caution though; when using a website like Trulia keep in mind that their data may be as old as 6 months so it’s important to use online data as a “ballpark” figure and not the absolute last figure you should rely on when renting your property.
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.
Don’t be afraid to think like a renter and see what other properties have to offer because this step will be really helpful when it comes time for you to write the description of your rental property.
If you RENT OUT your property, you’ll have Up To $21,355 more wealth in 5 years
Now is the best time in recent history to rent a home, especially in Portland Oregon because the cost of buying a home is rising quicker than rents across the United States.
“Even setting aside big upfront expenses like a down payment, rising month-by-month costs are likely keeping many people from purchasing,” said Danielle Hale, chief economist at realtor.com®. “Today only 41 percent of people live in a county where the median income family can afford to buy a home at the median list price, and affordability declined significantly over the past year. Since home ownership has historically been an important source of household wealth creation, it could be problematic if this trend continues for too long. Still, even in places where renting is currently more affordable, rising home prices provide wealth-building opportunity for home buyers.”
Only 41 percent of the nation’s population lives in a county where a median-income family can afford to buy a home.
Nationally, the cost to buy rose by 14 percent from July 2017 to July 2018, while the cost to rent increased by 4 percent.
In July, buying a home was cheaper than renting in 35 percent of counties, compared to 44 percent of counties last year.
The top five counties where purchasing a home was more affordable than renting last month were: Clayton County, Ga.; Baltimore City, Md.; Wayne County, Mich.; Cumberland County, N.C.; and Madison County, Ill., with the share of income to buy being 4 percent to 14 percent lower than the share of income to rent.
Renting remains much less expensive than buying in Manhattan, N.Y.; Brooklyn, N.Y.; Monterey County, Calif.; San Mateo County, Calif.; and Santa Barbara County, Calif.
In the last year, 20 counties with 100,000+ residents flipped from being cheaper to buy to be cheaper to rent, three-quarters of which were in the South and Midwest.
Rent Your Portland Oregon Rental Property
We specialize in property management and will save you the time, money and hassle of renting your Portland Oregon Rental Property yourself.
Contact Property Management Systems today to see how easy it is to own rental property in Portland Oregon.