How to Fix the Proper Rent Price for Your Property

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How to Fix the Proper Rent Price for Your Property

• Grand Project Capitol

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Introduction

• Having a competitive rental rate is really
  important to any landlord(Property owner).
• But if you arent prepared, determining the right
  rental amount can be overwhelming. You want to
  make sure that the rent you charge prospective
  tenants is attractive.
• Charging too much might make it unattractive,
  while charging too little can eliminate the
  profit potential.
• So how do you choose the proper rent price for
  your property?

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Factors to Consider

• Amenities determine the proper rent price
• Avoid setting a standard rent price, unless the
  units are identical. Instead, charge rent based
  on the amenities that are included. Here are some
  questions you should ask yourself regarding
  amenities
• If you are renting a condo, are there building
  amenities, such as a pool or fitness centre, that
  should be included?
• Will your rental property be furnished?
• Is parking included?
• What about lawn maintenance and snow removal?
  Will you or the tenant be covering that
  responsibility?
• Will you be including utilities in the rental
  price, or will the tenant(who occupy the property
  as rent basis) have to pay that independently?

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3. Check out the competition

• See what other landlords are charging for
  comparable properties in your area. A way to go
  about this is to go over your local newspaper.
  You can also check the rental listings on
  Craigslist in your area. This will give you an
  idea of the average going rent rate in your area.
• Additionally, you may also want to go and check
  out other similar properties in person. For a
  good estimate, the properties should be similar
  in both size and condition.
• Also, you may want to talk to other landlords or
  realtors in your area. Ask them what they think
  your properties should rent for.
• Also check it out in different rent estimate
  tools like magicbricks.com, housing.com etc. they
  provide property valuation and you can check
  other landlords rent as per your selected area.

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4. The right rent is profitable

• Rental properties should be profitable. The rent
  price should, at a minimum, be enough to cover
  all of your property expenses. For you to be
  profitable as a landlord, The rent should
  approximately cover Vacancy costs
  Maintenance and repairs on the property Your
  mortgage payment Insurance costs Property
  taxes Emergency repairs
• With the right rent, you should be able to have,
  on average, about 6 of the rent as profit.

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5. Liveability leads to profits

• Liveability is the sum of the factors that add up
  to a communitys quality of life. For example,
  scenery, environmental quality, and access to
  services and facilities.
• To determine your propertys liveability,
  consider how your specific rental unit is
  different from others in the area. Ask yourself
  the following questions Does it have more space?
  Does it offer a better view than most other
  units? How attractive is it to potential tenants?
• 6. Consider market shifts
• The housing market shifts every once in a while.
  Therefore, its important to know where the
  economy currently stands. Adjusting your rent to
  accommodate such fluctuations is crucial.

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7. Compare historic unit prices

• Adjust your price accordingly by checking the
  historical unit prices. You may need to ask the
  previous owner directly. You may also be able to
  find this information on real estate websites
  like Apartment Guide.
• 8. Take into account your vacancy tolerance
• Vacant properties can be costly. They can quickly
  fall into disrepair and may become a target for
  vandalism, theft and arson. That being said, some
  landlords can be tolerant to vacancies than
  others.
• For instance, you may be able to survive a few
  months without a problem if youve afforded a big
  down payment and your monthly expenses arent a
  burden.
• In such a case, you may be able to wait for the
  right opportunity to cash in. If not, you may
  need to fill the property as soon as possible.

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Conclusion

• These are most of the factors that a landlord
  needs to take into account when choosing
  the proper rent price for their properties. With
  the right rental price, your tenants will find
  value in the property and in what they are
  paying. Who knows, this may even set you up for a
  great landlord-tenant relationship.
• Like this you can generate your passive income by
  investing in any Apartment or Flats where the
  market is booming.
• If you are looking to invest in 2,3 BHK Flats for
  sale in Amaravathi it may change your lifestyle.
  Because in this flats in Amaravati have huge
  amenities and space that make it more demand for
  the tenants.

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• D.No.40-1-144, 4th Floor, Corporate Center,MG
  Road, Vijayawada - 520 010.
• Phone
• 91 92777 79999 
• 91 91111 16666
• Email
• info_at_grandproject.in 
• sales_at_grandproject.in
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