Free Rental Analysis
𝑹𝒆𝒄𝒆𝒊𝒗𝒆 𝒂 𝒑𝒆𝒓𝒔𝒐𝒏𝒂𝒍𝒊𝒛𝒆𝒅 𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚 𝒓𝒆𝒑𝒐𝒓𝒕 𝒂𝒏𝒂𝒍𝒚𝒛𝒊𝒏𝒈 𝒚𝒐𝒖𝒓 𝒑𝒓𝒐𝒑𝒆𝒓𝒕𝒚 𝒘𝒊𝒕𝒉 𝒂 𝒔𝒖𝒈𝒈𝒆𝒔𝒕𝒆𝒅 𝒓𝒆𝒏𝒕 𝒓𝒂𝒏𝒈𝒆 𝒂𝒏𝒅 𝒎𝒂𝒓𝒌𝒆𝒕 𝒅𝒂𝒕𝒂.
What Goes Into a Rental Analysis?
What's the neighborhood like? Is it appealing to potential renters? Your next residents aren't looking "only" for a home; they want a community that fits their lifestyle. When analyzing a neighborhood, your property's rental price should reflect:
The quality of nearby schools
Access to public transportation, highways, and airports
Availability of nearby parks and recreation
The proximity of shopping, restaurants, and other entertainment.
If you're considering a new investment property to add to your portfolio, these are critical characteristics to consider. You'll also want to notice if there is a high vacancy rate for rental properties and closed or empty businesses. Too many vacant properties can be a sign to walk away from an available property.
How does your property compare to similar rental properties in the area? Your rental analysis should include a look at similar properties and how your property compares.
Find rentals with a similar amount of square footage, bedrooms, bathrooms, and amenities. If you charge a higher monthly rent than what comparable properties offer, you could lose quality renters to those properties.
Knowing the vacancy rate for similar properties in the area helps determine your monthly rental price. How long do nearby properties sit empty? If you see a "sweet spot" rental amount that helps reduce turnover times or resident turnover for similar properties, factor that into your decision when setting the monthly rental rate for your properties.
Property Value and Purchase Price
What's your monthly mortgage payment for your rental property? How does each property's value compare to other rentals in the market? To stay competitive with other properties and generate enough income, be sure also to consider the property's value and how it has changed over time.
Let the Experts Help With a Rental Analysis!
- Changing Latitudes Real Estate & Property Management has years of long term property management experience in the Florida rental market. We've been guiding investors on how to approach their portfolio for over 20 years!
We offer a Free Rental Analysis to learn about your property and help you see the potential income you could generate with the right property management in place. Whether you're considering adding a new property to your portfolio or you're not sure if the rental price is right for a current property, get in touch!