Wondering How Much Rent to Charge for Your Investment Property? Ask an Expert!
If you own an investment property, then you know one of the biggest questions is:
What to charge for rent?
Whether you’re new to residential real estate or a seasoned veteran, this issue comes up all the time, so why not ask an expert?
Rent amount is a tricky thing, because it’s based on so many factors. The size of the property, location, and upgrades make a big difference. But one of the biggest factors is the rental market, which changes constantly. If you’re renting a house, condo, or townhouse, you need to know the market so you know how much rent to charge. Rent amounts go up and down depending on the local market, so always check in with a local expert.
You may wonder, “Is it really that big of a deal? I’m sure I can figure out how much rent to charge.” Well, you can make an educated guess, which is what a lot of landlords do, but there are ramifications for being off the mark. Charging too much or too little, even by just $25 can have consequences. Ask too much rent, and you’ll generate little interest in the property, having fewer prospective tenants to choose from. Charge too little, and you’re cutting into your profits.
So how do you know who to ask about market appropriate rent amounts? A member of the National Association of Residential Property Management (NARPM) is the perfect choice. Members of this organization show a thorough knowledge of the local rental market, and they are known for their responsibility and professionalism in the field.
Legacy Properties-PM is a member of the NARPM®
and has a unique perspective on investment properties in the Denver and Aurora area because their family started out with just one property and continued to build from that small investment. You too can see your property legacy grow by deferring to their wisdom and knowledge in this area. For more information on Denver area rent amounts, call 720 989 1996 or contact us.