By Jevons Property Management
Do you own a Washington State Rental Property and are searching for information on how to determine the market rent? If so, you’ve come to the right place!
In this article, we will share with you several ways to determine the fair market rent so that you can list your property and get the fair market rent that it’s worth.
What Factors Will Affect the Fair Market Rent at Your Washington State Rental Property?
Before we can discuss how you can determine what your rental property should rent for, we need to discuss the potential factors that will affect the monthly rate that you can expect to receive for your rental property.
- Bedrooms – This is by far one of the most important things that will determine the market rent for your rental property because (depending on the area) most rentals may command less money if they have fewer bedrooms while in other areas you can expect to pay a premium regardless of where the rental is located.
- Paid Utilities – Will your Washington State Rental property include paid utilities such as internet, electricity, water or trash?
- Pets – Although some owners don’t allow pets, allowing them at your rental property may enable you to charge an extra $15 to $30 per month depending on the pet.
- Storage -Does your Washington State rental property have any on-site storage like parking, a garage, or a storage shed?
- Amenities – Besides bedrooms, the number of amenities that your rental property offers may also affect the monthly rent that you can expect from your rental especially if your property offers things like on-site laundry, a pool, recreation options or is near great amenities.
How to Determine the Market Rent at Your Washington State Rental Property
Now that we’ve talked about what factors could affect the fair market rent you can expect from your Washington State rental property, let’s talk about how you can determine market rent.
Step 1 – Search for comparable properties online using websites like forrent.com, Zillow, apartments.com and other websites which feature rental properties.
Step 2 – Investigate your area for rental signs – This step is important because many “for rent’ signs also list important data like bedrooms, bathrooms, and amenities that you can use when calculating what you should rent your properties for.
Step 3 – Speak with area owners – If you are a member of a professional organization, or you know several owners in the area, you can contact them to find out what their rental properties are currently renting for.
Step 4 – Get property management – Last of all, but most important, it doesn’t matter how long you’ve owned rental properties in Washington State, hiring a professional property management company will ensure that you rent your property for the fair market rent and this will also save you the continued hassle of managing your properties yourself.
Contact Jevons Property Management
To get professional property management for your Washington State Rental Property contact us today by calling us at (509) 895-7777 or connect with us online.