Housing inventory in the Charlotte County market finally increased last year. This gave tons of real estate investors the opportunity to purchase new Punta Gorda rental properties.
As you're getting ready to put new rentals on the market, you're going to need more than a stellar listing. You should know what your property is worth to renters to set fair rent prices that will attract the right tenants.
Rental analysis is the best way to see your property through the objective eyes of local renters. We're here to share the latest approach to setting competitive and appealing rental rates.
Read on to learn everything you need to know about rental analysis.
Start With a Property Assessment
Valuing a house for sale isn't quite the same as valuing a house for rent. In other words, even if you got your property inspected before buying it, you're going to want to do another assessment of your own.
In this case, you're going to look at things like:
- Usable square footage
- Number of beds and baths per unit
- Private amenities (e.g., in-unit laundry, included kitchen appliances, etc.)
- Recent upgrades
- Outstanding maintenance issues
- Shared amenities (e.g., gyms, pools, laundry rooms, etc.)
In other words, you're assessing everything a renter would want to know about the property before signing the lease.
Scope Out the Neighborhood
Your property assessment will prove useful when you're crafting your listing, but it also makes it easy to gather comps. First, look for other rental properties in Punta Gorda that bear similarities to your own. We recommend narrowing it down to properties that have at least five similarities, meaning same square footage, same number of beds and baths, and so forth.
Comps allow you to see what local renters are paying to live in properties like yours. However, you also need to take a closer look at your neighborhood rental prices. You'll find that you can rent a similar property for more (or less) depending on the neighborhood and its accessible amenities.
Make the Right Upgrades
If you're disappointed in the results of your rental analysis, your best option is to make a few upgrades. This does require you to invest more money into your property, but it can yield a higher rental income in the future.
Don't start paying for luxury upgrades if you haven't created a maintenance strategy, first. A luxury kitchen or bathroom may be flashier, but it won't get you far if your property has roof leaks, mold problems, or structural damage.
Need Punta Gorda Rental Analysis? PMI Can Help
If you're a new rental property owner in Punta Gorda, it's time to start strategizing. A proper rental analysis is a great place to start that will help you set realistic rental prices that attract the right tenants.
Do you need help assessing the value your property has to renters? PMI takes our nationwide company strategy and customizes it to fit local laws, trends, and renter needs. Get started with our free professional rental analysis and learn more about our property management services.
