When it comes to settling on a price for your Tampa rental, get some help from Donald Trump.
Why would it make sense to consult The Donald? One of his guiding business principles has always been “know your market.” If you know your Tampa rental market, you will price your property based on that market rent. You can determine your market rent by finding the price that comparable properties have rented for in Tampa. In the real estate and property management business we call these comparable rents “comps.” These are the five things you need to arrive at a reasonable comp:
Location
It makes a difference if your rental is located in an urban or suburban area. Other location details, such as school districts, also matter. You could have two houses in similar suburban neighborhoods that are priced much different because one house is in a superior school district.
Size
The size of your home will drive its rental price. A four bedroom house will most likely command more rent than a two bedroom house. When you are looking for comparable rents to price your own, make sure you are looking at properties of identical sizes.
Amenities
Garages on single family homes, pools in developments and clubhouses in condominium complexes will impact the market and your rental price. Consider other amenities such as outdoor space, nice views and accessibility to fitness centers.
Condition
The properties in the Tampa market that you are using to price your own should be in the same condition. You might have a fully updated home, with stainless steel appliances and modern upgrades. Other homes that are dated, with a style and fixtures straight out of the 1960s or 1970s will bring in a much different rental price.
Services and Utilities
Think about what is being included in the rent when you are setting your rental price. You can ask for a little more in rent when you include services such as lawn care, internet connections and cable television or utilities such as electric and water.
The best place to find comps for your property is a site such as Realtor.com. There, you can find all of the rental listings from agents across the country so you know how to judge the market before setting your own rental price. In the Tampa area, you are welcome to visit our website as well. We give you all of the area’s available rentals with details on prices, location, size, conditions, amenities and what is included in rent.
Price your Tampa rental home like The Donald would, by knowing your market.
If you have any questions at all on comparable rental rates or how to give your property a fair rental price, call us at Hoffman Realty, (813) 875-7474.