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Rental Rates – Is Yours Competitive?

Several of our clients here at San Juan Realty, Inc. already own or are purchasing rental property. What can we say? The market climate is right for picking up properties that will cash flow and make sense to place a renter in for the long term. When shopping the MLS for a potential rental property, sure – the current owner may enter what they’re charging for rent, but how do you know if that’s going to be accurate? A turnkey property is only turnkey until the current tenant’s lease is up. Then, it becomes the new owner’s responsibility to place a tenant and set a new rent rate. Here are some resources for both current renters and rental property owners alike that will help you research rent rates across the country.

  • Rental Rate Engine at InvestorLoft.com – Search for rental rates by address or zip code nationwide. You can enter type of property, bedrooms and more.
  • Rentometer – An easy-to-use national search engine to help you compare rent rates by type of residence and area.
  • Zilpy – Another easy to use search engine for both apartments and houses.

Being competitive ensures that you’re not going to price yourself out of the market and experience a higher than normal vacancy rate because you’re too high. It also ensures that you’re receiving fair market value for your rental and not the lowest kid on the block. For renters, these resources give you negotiating power when shopping for your next rental home.

Sincerely,

The Staff at San Juan Realty, Inc.

SJR July 30 2009

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