Market rent and finding the best tenant

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There are a number of things to remember in placing your home on the rental market. The first thing to do is to work out the market rent. This is one of the factors that potential renters will look at. If your rental price is too high and not competitive renters won’t consider it. They’re looking for the best deal that can help them save money.

A way to pull in better applicants and find the perfect tenant you’ve been looking for, is to set the price just a little below the market. It doesn’t necessarily mean offering a very cheap rental without any profit as potential prospect may think that its a scam. Just set a price a little lower that the other rentals in your area for it to catch there attention and hopefully attract more applicants.

Intensive research is important in order to check the rental rates of your competitors. Once you’ve found a great tenant, you would want to keep them for as long as possible. Rental rate affects the renter’s decision if they will stay or go. If you impose a price increase at the end of the year this may cause them to leave.

Once you’ve find the best tenant, take into consideration if it is going to be justifiable to raise the rent. It will certainly define their stay.

We are Frisco, TX home specialists. If you have any questions about real estate in Frisco, or any neighboring DFW communities, please fill out our contact form, or call 469-556-2393 for assistance.

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Nick Walton
JP And Associates REALTORS