How Much Rent Can I Expect to Get for my Jacksonville Rental Property?

One of the most common questions I hear from potential property management clients is: how much money can I get for my rental property? There are a lot of factors that we use to come up with market rent.

Comparative Market Rental Analysis

We conduct a comparative market analysis to look at the properties that have rented in your area over the last six months. We look at several different things, including the number of bedrooms and bathrooms, the property’s square footage, the condition of the home, the year it was built, and whether there are any additional amenities. Once we are done with all of that research, we come up with a rent range for your property that reflects the current market.

Pricing the Property Higher

We discuss our range with the homeowner, and usually the owner will approve a rent in that range. If you want to price the home higher than our recommendation, we’ll list it for you at the price you want. However, we won’t let you keep the price too high for too long. Not only does it cost you money with a longer vacancy, it also impacts the tenants who may be interested in it. Once we bring the home back down into the right range, people will start showing interest. But, when they look at the days on market, they’ll think something is wrong with the property since it has been on the market for 30 days or longer. They will think there must be a reason that it hasn’t rented yet.

These are some of the factors that most homeowners don’t consider. It demonstrates another good reason to work with a professional property manager.  

If you have any questions about how to price your home correctly, please contact us at Round Table Property Management. We put people before property.