How to determine the fair market rent for your rental property

Are you planning on renting your property for the first time or do you have leases that are coming up for renewal?

Summer is always a prime season for owners to rent their properties because it’s not uncommon to have more people relocating to Washington State during the summer months.

Before marketing your property for rent online or in the local area you should check the rental market because you may be surprised by how much your property should rent for especially if it’s been a while since you last listed your property for rent.

In this article, we will provide you with steps you can follow to ensure that you’re going to rent your property for what it’s worth.

Know Your Competition

The first step towards finding out what the fair market rent should be for your rental property is for you to research comparable properties in your local area online using real estate networks that also offer rental properties like Zillow, RentPath, Craigslist or you should consider hiring a property management company to determine the fair market rent for your property.

Searching online is one of the most efficient ways to find out what you should rent your property for because you can narrow down your search parameters by bedrooms, bathrooms or amenities and eliminate the guesswork.

Search Your Local Area

After searching for comparable rental properties in your area online you should next scout your neighborhood for rental signs because many owners will still place “For Rent” signs somewhere on their properties when they have rentals available.

If you find a comparable rental property you should read the sign or search for that property online to find out what it’s renting for and what features that may be available inside the home.

Think Like A Renter

Once you’ve found comparable rental properties in your local area it never hurts to think like a renter and go to rental open houses in person just to see what those properties have to offer.

Besides looking for “For Rent” signs in your local area you can also go “old school” and search your newspaper since many local newspapers are still used by some owners who prefer to stay away from websites like Craigslist or rent.com

Don’t Forget to Screen Your Tenants

Once you list your rental property online and start receiving applications from prospective tenants don’t forget to screen them!

Washington State tenant screening laws are always changing. Thankfully, with LandlordSolutions, we offer you tenant screening services that will ensure you’re renting to the most qualified tenant every single time.

Get Owner Resources Here

Do you need help leasing your property or you’re interested in hiring a full-service management company? Let us know. We work with great property management companies in the Washington State area.

For help with collecting your rent, tenant screening, evictions or other tools to assist you in managing your rental property? Contact LandlordSolutions, Inc today by calling us at 866-863-8428 or click here to connect with us online.