How a Free Rental Analysis Can Maximize Your Rental Property Success
According to the US Census Bureau, the national rental vacancy rate was 6.4% during the first quarter of 2023, which is almost a full percent higher than it was in 2022. This increase in vacancies is largely due to inflationary rent increases.
If you have a vacant rental property, one way to ensure it doesn't stay that way is by conducting a rental analysis.
Most property managers are happy to conduct a free rental analysis as a courtesy to prospective clients. Keep reading to find out why you should take them up on their offer.
1. A Rental Analysis Helps You Cover Your Expenses
A free rental analysis will give you a ballpark figure for what you can charge for rent in Orlando. This will help you predict potential earnings based on the expenses associated with your investment property, including:
- Mortgage payments
- Utilities
- Property taxes
- Routine maintenance
- Landscaping and lawn care
- Property management fees
An experienced property manager will help you calculate a rental rate that covers your expenses without deterring potential tenants.
2. A Rental Market Analysis Helps You Attract More Tenants
No landlord wants to experience extended vacancies at their property. Even a single month without rental income can cost you thousands of dollars in holding costs.
The more you charge for rent, the fewer people can afford to rent your property. By comparing your investment property with others in the area, you can come up with a fair rent price that attracts tenants while ensuring profitability.
However, charging too little can attract unqualified applicants, requiring extra vigilance during tenant screening. Conversely, setting rent too high results in fewer applications overall.
3. A Rental Property Analysis Helps You Keep Your Tenants for Longer
Losing a good tenant can be challenging for an investment property owner. Not only will you need to go through the tenant screening process again, but your property may remain vacant during the search.
When you charge a reasonable rental rate, tenants are more likely to sign multi-year leases, providing you with guaranteed income for the foreseeable future.
Although annual rent increases are inevitable, they can cause tenant turnover. Conducting regular rental property analyses allows you to implement rent adjustments in line with current trends.
Get Your Free Rental Analysis Today
From that first free rental analysis onward, a property management firm can assist with every aspect of managing your rental property.
We help market your property, screen tenants, collect rent, and oversee routine maintenance. These services keep your tenants content, ensuring reliable income from your rental home.
Get in touch today for assistance with all your rental property management needs in Orlando.
