Deciding on how much to rent your house for is a critical decision to make. Pricing your rent too high can make your unit undesirable, and that would mean long vacancy periods. Pricing your rent too low can mean that you aren’t making enough income to cover the property costs.
So, how do you decide how much rent to charge your tenants in
Tampa, Florida?
That’s what we’ll learn in this article!
How is the Rental Market in Tampa?
Investors are purchasing homes in Tampa at an all-time high. Between July and September 2021, one out of every four homes sold was purchased by a real estate investor. According to the Tampa Bay Times, Tampa Bay is the seventh most popular metro area for investors in the country.
The rising cost of housing in Tampa and throughout the state is driving more and more people to rent property, rather than buy property. As a result, rents in Florida have increased by 30%, the most significant increase in the country.
Tampa is also a great place to work and live. There are many job opportunities, there’s a diverse economy and Tampa has a growing population.
How Do you Calculate an Average Market Rent?
Setting the right rent price can help you attract good tenants, allowing you to quickly rent your property. As a result, determining the market rent in your area is well worth your time.
When determining the rental rate for your Tampa home, consider the following factors:
- Location: If your rental is in a desirable neighborhood, you can charge a higher rent than in a less desirable neighborhood.
- Amenities:
Upgrades, open floor plans, and outdoor spaces can all distinguish your property from others in the same neighborhood, allowing you to charge a higher rent. Another amenity to check out for is parking security.
- Space:
Having more square footage than other properties in the neighborhood can result in a higher rent price.
- Bedrooms and Bathrooms:
The more bedrooms and bathrooms your property has compared to others in the area, the more likely you can charge a higher rent.
Setting the appropriate rental price is only one aspect of running a successful rental business. In addition, you should use a
tenant screening service to avoid long-term vacancy, late rent payments, and unnecessary property damage.
The Importance of Comparables
When looking for a
rental unit in Tampa, you need to compare prices with different properties. To know how other rentals are priced, you can look online, ask someone or hire a property management company.
Here are some more details:
1. Advertisements on the Internet
Sites like Zillow, Trulia, and Hotpads make it simple to find rental properties in Tampa. Keep track of the apartments that are quickly rented, those that reduce their prices, and those that have been on the market for weeks.
2. Person to Person or Referrals
You might want to visit some of the apartments in person and compare them to yours. Inquire with the landlord about the level of interest in the property.
3. Obtain the Opinion of a Property Management Company
Even if you do not intend to list your rental with a property management company, you can have a realtor come out and look at it to get a price opinion. They may have a good idea of what is quickly renting in the area and how your rental will stack up to the competition.
Property Management Company Services
Advantage Realty Services is an established property management company, offering reputable services for property owners throughout Tampa, Florida. Property owners located in Odessa, Tampa Palms, New Tampa, Monroe, and Wesley Chapel can attest to the quality of our services. If you are on the lookout for quality property management services, there is no company better to call upon.
If you have made a decision to rent out your home rather than sell it, you can't charge rent based solely on the size of your mortgage payments. There are several factors to take into consideration. If you lack the experience or expertise, this can be difficult to determine.
So, call upon the experts at Advantage Realty Services.
Conclusion
In the last few years, Tampa has seen many renters. The city is a great place to live. There’s a steady job growth, growing economy, and increase in population. As a result, there is a rapidly increasing demand for housing in Tampa and Hillsborough County, where the city is located.
When you purchase your investment property, finding the right rent price is crucial - but don’t struggle to do so. Rely on the services of the premium service provider, Advantage Realty Services.
In addition to setting the rent of your Tampa property, we can handle your rent collection, property maintenance, property
advertising and marketing, and screening of potential tenants.
Contact
Advantage Realty Services today and get a free property management consultation.
