This is the fourth post covering tips on how to prepare your property for the rental market. Check out the Intellirent blog for Parts 1-3 which covered safety upgrades, top maintenance to-do's, and low-cost, high-impact cosmetic updates.
You have made the good decision to work with Intellirent on the rental application process, and, if you have been following along with Parts 1-3 of this series, you are now armed with tips on preparing your property for renters. You've done the hard part, now you get to set yourself up for the pay-off!
The next step is to decide how to price and position your rental in the market. Because you are so close to the finish line (passive income, here we come!), there is sometimes a temptation to rush through this process. However, save yourself money and time in the long run by considering a couple often overlooked factors that affect price.
Time of Year
Find out what the rental off-season is in you area (generally, November and February tend to be the slowest months). If you plan to introduce your property during that time, make sure to account for the market slow-down in your price otherwise you could face several months of vacancy loss. Likewise, at more popular times of year, do your due diligence in researching comparable properties to ensure you aren't leaving money on the table.
"Hidden" Location Benefits
It goes without saying that location will have a bearing on the price you can set for rent. Taking time to identify "hidden" benefits of your rental's location may uncover something you can tout that sets it apart from similar properties in your neighborhood. Consider proximity to transit options, micro-climates that enhance your property, and neighborhood features (community garden, street murals, etc.) that are within walking distance or view-able from windows.
Keeping these factors in mind will ensure your rental is competitively priced. Check back soon for Intellirent's final post on how to market your property so it's rented as soon as it's listed!